Avi Limited Class Y · JSE:AVI
Avi Limited Class Y — H1 FY2023 Earnings Presentation
73 slides from Avi Limited Class Y's earnings presentation, March 2023
Slide 1: AVI Limited presentation to shareholders & analysts
AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2022
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance Prospects Questions and answers
Slide 3: Key features
KEY FEATURES Demand constrained by inflation, rising interest rates and unemployment Increased levels of load-shedding disrupted operations ❑ Direct operating cost of R22,0 million ❑ Significant indirect costs I&J impacted by higher fuel prices, reduced quota and an unfavourable abalone sales
Slide 4: Key features
KEY FEATURES Operating profit increased by 1,7% Operating profit, excluding I&J, up by 8,4% Headline earnings per share up 0,6% to 318,9 cents Temporary increase in working capital ❑ Investment in inventory to support service levels and combat supply chain disruptions ❑ Timing of customer pa
Slide 5: Results history: operating profit history
RESULTS HISTORY Operating profit history Operating profit history 1 800 1 530 1 541 1 600 1 456 1 457 1 420 1 515 1 408 1 302 1 400 265 311 1 152 342 287 247 209 310 1 200 306 94 110 100 102 1 021 140 128 140 160 72 1 000 921 309 169 126 124 153 R million 854 179 167 303 296 103 800 674 160 547 585
Slide 6: Results history: return on capital employed
RESULTS HISTORY Return on capital employed 8 000 35% 7 000 30% 6 000 5 000 25% R million 4 000 20% 3 000 2 000 15% 1 000 0 10% Net operating profit after tax Average capital employed ROCE (%) ROCE (%) Normalised * F23 represents a rolling 12 month period to 31 December 2022 with the normalised posit
Slide 7: Results history: cash conversion
RESULTS HISTORY Cash conversion 3 500 120% 3 000 100% 2 500 80% 2 000 R million 60% 1 500 40% 1 000 20% 500 0 0% EBITDA Cash generated by operations Cash to EBITDA (%) Cash to EBITDA (%) Normalised * F23 represents a rolling 12 month period to 31 December 2022 with the normalised position adjusted f
Slide 8: Results history: dividend yield
RESULTS HISTORY Dividend yield (Year end) 14,0% 12,0% 12,0% 10,1% 10,0% 7,7% 7,4% 8,0% 7,0% 6,4% 6,5% 6,3% 6,2% 5,8% 6,1% 6,0% 5,2% 4,9% 4,5% 4,1% 4,5% 4,3% 4,5% 3,7% 4,4% 4,1% 3,8% 4,0% 4,0% 4,0% 2,8% 2,0% 0,0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 F21 F22 Normal dividend
Slide 9: Results history: returns to shareholders
RESULTS HISTORY Returns to shareholders Effective payout ratio from F05 = 93,8% of headline earnings
Slide 10: Group Financial Results
AN | Group Financial Results NOURED POTATO CHIP.
Slide 11: Group financial results: income statement
GROUP FINANCIAL RESULTS Income statement H1 F23 H1 F22 Rm Rm %∆ Revenue 7 822,9 7 295,6 7,2 Cost of sales (4 711,0) (4 409,4) 6,8 Gross profit 3 111,9 2 886,2 7,8 Gross profit margin % 39,8 39,6 0,5 Selling and administrative expenses (1 571,2) (1 371,2) 14,6 Operating profit 1 540,7 1 515,0 1,7 Ope
Slide 12: Business unit financial results
GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F23 H1 F22 Δ H1 F23 H1 F22 Δ H1 F23 H1 F22 Rm Rm % Rm Rm % % % Food & Beverage brands 6 127,4 5 764,8 6,3 1 133,6 1 159,1 (2,2) 18,5 20,1 Entyce Beverages 2 086,6 1 999,2 4,4 476,
Slide 13: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 8 500 8 000 7 500 R million 7 000 6 500 6 000 7 296 916 (389) 7 823 H1 F22 Price Volume H1 F23 Price increases across the Group to recover significant input cost inflation I&J selling price increases offset by lower fish sales volumes and unfavou
Slide 14: Gross profit margin
GROUP FINANCIAL RESULTS Gross profit margin 40,5% 40,0% 39,5% 39,0% 38,5% 38,0% 37,5% 37,0% 39,6% 0,4% 0,1% (1,3%) 1,0% 39,8% H1 Non-repeat of civil Entyce and I&J Fashion brands H1 F22 unrest Snackworks F23 Non-recurrence of stock write-off costs of R31,6 million associated with July 2021 unrest
Slide 15: Operating profit 1,7% up
GROUP FINANCIAL RESULTS Operating profit 1,7% up 1 600 1 550 R million 1 500 1 450 1 400 1 515 25 37 (88) 3 46 3 1 541 H1 Entyce Snackworks I&J Personal Footwear & Other H1 F22 Care Apparel F23 Entyce: Sustained Ciro recovery and improved performance in coffee partly offset by lower tea volumes
Slide 16: Cash generated by operations
GROUP FINANCIAL RESULTS Cash generated by operations H1 F23 H1 F22 Rm Rm % Cash generated by operations before working 1 761,4 1 776,3 (0,8) capital changes Increase in working capital (703,1) (52,8) Cash generated by operations 1 058,3 1 723,5 (38,6) Working capital to revenue % * 27,6 22,5 22,7 *
Slide 17: Investment in working capital
GROUP FINANCIAL RESULTS Investment in working capital 4 200 4 000 3 800 3 600 R million 3 400 3 200 3 000 2 800 2 600 2 400 3 029 338 249 252 71 35 3 974 H1 Inflation and mix Timing of Strategic Base impact of Other (including H1 F22 customer investment in prior year supply biological assets) F23 pa
Slide 18: Gearing and return on capital
GROUP FINANCIAL RESULTS Gearing and return on capital H1 F23 H1 F22 Rm Rm % Capital expenditure (245,5) (136,4) 80,0 Net debt 2 447,2 1 541,9 58,7 Net debt / capital employed % 33,4 25,2 32,5 Return on capital employed % * 27,0 29,0 (6,9) Normal dividend (cps) 172 170 1,2 * Represents 12 months to
Slide 19: Performance and prospects
Performance and prospects Performance
Slide 20: Entyce: income statement, tea
Income statement H1 F23 H1 F22 % Rm Rm Revenue 2 086,6 1 999,2 4,4 Operating profit 476,9 451,9 5,5 Operating profit margin % 22,9 22,6 1,3 Tea profit decline ❑ Price increases across both black tea and rooibos in response to inflationary cost pressures ❑ Volume constrained by competitor promotio
Slide 21: Entyce: income statement, coffee
Income statement H1 F23 H1 F22 % Income statement Rm Rm Revenue 2 086,6 1 999,2 4,4 Operating profit 476,9 451,9 5,5 Operating profit margin % 22,9 22,6 1,3 Coffee profit growth due to sustained Ciro out-of-home recovery and better mixed instant performance ❑ Significant selling price increases
Slide 22: Entyce: income statement, creamer
Income statement H1 F23 H1 F22 % Income statement Rm Rm Revenue 2 086,6 1 999,2 4,4 Operating profit 476,9 451,9 5,5 Operating profit margin % 22,9 22,6 1,3 Creamer profit in line with last year ❑ Material selling price increases in response to significantly higher raw material costs ❑ Volume pr
Slide 23: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F23 vs Comments H1 F22 Tea revenue decline (5,8) Volume (14,3) Declines in both black tea and rooibos volumes Ave. selling price 9,9 Prices increases in July 2022 on both black tea and rooibos Coffee revenue growth 8,7 Volume (7,2) Declines in mixed instant and
Slide 24: Market shares – 12 months value
Market shares – 12 months value 70,0% 60,0% 57,1% 57,5% 50,0% 41,4% 39,2% 40,0% 30,4% 30,3% 30,0% 20,0% 15,2% 15,8% 14,9% 14,7% 10,0% 0,0% Five Roses Freshpak Frisco Ellis Brown Trinco H1 F22 H1 F23 Short term market shares reflect targeted price / volume balance in volatile market Market share
Slide 25: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F23 vs H1 F22): 30 26 25 20 18 17 15 R million 12 10 8 5 - (1) (5) Palm oil Casein Glucose Robusta / chicory Arabica Tea Impact net of hedging
Slide 26: Snackworks Performance
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Slide 27: Snackworks: income statement, biscuits
Income statement H1 F23 H1 F22 % Income statement Rm Rm Revenue 2 824,9 2 521,0 12,1 Operating profit 584,5 547,2 6,8 Operating profit margin % 20,7 21,7 (4,6) Increase in biscuit profit supported by top-line growth and margin protection ❑ Selling price increases to recover input cost pressures
Slide 28: Snackworks: income statement, snacks
Income statement H1 F23 H1 F22 % Rm Rm Revenue 2 824,9 2 521,0 12,1 Operating profit 584,5 547,2 6,8 Operating profit margin % 20,7 21,7 (4,6) Decline in snacks profit ❑ Volumes impacted by price increases required to protect margins and competitor pricing ❑ Growth from potato chip innovation and
Slide 29: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F23 vs Comments H1 F22 Biscuits revenue growth 12,6 Volume (1,4) Increased pricing and constrained consumers partly offset by strong festive season and demand for lower priced formats Ave. selling prices 14,2 Price increases in March 2022 and September 2022 Snac
Slide 30: Market shares – 12 months value
Market shares – 12 months value 45,0% 39,7% 39,1% 40,0% 35,0% 30,0% 25,0% 20,0% 17,6% 17,1% 14,5% 14,5% 15,0% 10,0% 5,0% 0,0% Bakers (Sweet) Bakers (Savoury) Willards H1 F22 H1 F23 Balanced price / volume Market share reflects formal retail only Sound demand for affordable formats in wholesale
Slide 31: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F23 vs H1 F22): 60 53 50 42 40 R million 30 25 20 10 7 5 4 0 Flour Palm oil Butter Maize Sugar Potatoes Impact net of hedging
Slide 32: Performance
Performance
Slide 33: I&J income statement
Income statement H1 F23 H1 F22 % Rm Rm Revenue 1 215,9 1 244,6 (2,3) Operating profit 72,2 160,0 (54,9) Operating profit margin % 5,9 12,9 (54,3) Profit decline driven by lower fishing profitability and abalone product mix ❑ Fishing performance ▪ Demand in domestic and export markets impacted by
Slide 34: I&J operating profit
Operating profit 350 300 250 R million 200 150 100 50 - 160 129 9 (103) (23) (18) (14) (68) 72 H1 Selling Exchange Fuel Catch rates Abalone Load- Other H1 F22 price rate fair value shedding F23 inflation adjustment impact Selling price increases implemented, however more than offset by significant
Slide 35: I&J profit history
Profit history 250 207 204 200 189 184 29 50 40 25 160 22 150 5 27 R million 153 154 128 35 50 130 153 100 114 110 74 14 50 60 - (25) H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 (50) Fishing Abalone Simplot Fishing performance impacted by high fuel costs and lower catch rates Abalone sales
Slide 36: Fishing performance: hake tons per sea day
Fishing performance 10,0 9,6 9,8 9,3 9,1 9,3 8,9 8,9 8,5 8,3 8,2 8,0 Hake tons per sea day 6,0 4,0 2,0 0,0 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 I&J catch rate Decline largely due to poorer wet vessel catch rates
Slide 37: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ Comments H1 F23 vs H1 F22 I&J Domestic revenue growth* 4,0 Volume (7,5) Competitor activity and constrained demand Ave. selling prices 12,4 Significant price increases taken to mitigate cost pressure I&J Export revenue growth 11,3 Volume 0,2 Increased frozen
Slide 38: Performance
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Slide 39: Personal Care: income statement
Income statement H1 F23 H1 F22 % Rm Rm Revenue 610,5 606,9 0,6 Operating profit 102,2 99,5 2,7 Operating profit margin % 16,7 16,4 1,8 Indigo profit growth supported by margin expansion ❑ Revenue growth from aerosol and fragrance offset by reduced manufacturing revenue due to trademarks acquired
Slide 40: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F23 vs H1 F22 Personal Care revenue 16,0 increase* Volume 8,1 Coty acquired trademarks, aerosol and fragrance growth offset by declines in colour and lotions Ave. selling price 7,3 Price increases in response to cost pressure * Excludes Coty licensed br
Slide 41: Market shares – 12 months value
Market shares – 12 months value 45,0% 41,9% 40,0% 39,4% 35,5% 35,0% 34,0% 30,0% 25,0% 20,0% Body sprays - Female * Body sprays - Male * * Excludes Coty licensed brands H1 F22 H1 F23 Balanced price / volume in competitive environment Good performance from both Yardley and Lentheric in female and
Slide 42: Footwear and Apparel
FOOTWEAR AND APPAREL Performance
Slide 43: Footwear and Apparel: income statement
FOOTWEAR AND APPAREL Income statement H1 F23 H1 F22 % Rm Rm Revenue 1 085,0 923,9 17,4 Operating profit 311,2 265,0 17,4 Operating profit margin % 28,7 28,7 Strong operating profit growth from higher selling prices and improved footwear volumes ❑ Volume performance supported by stock availability
Slide 44: Footwear and Apparel: business unit financial results
FOOTWEAR AND APPAREL Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F23 H1 F22 Δ H1 F23 H1 F22 Δ H1 F23 H1 F22 Rm Rm % Rm Rm % % % Footwear & Apparel 1 085,0 923,9 17,4 311,2 265,0 17,4 28,7 28,7 Spitz, Kurt Geiger and Gant 1 001,2 852,4 17,5 306,9 2
Slide 45: Sales volume and selling prices
FOOTWEAR AND APPAREL Sales volume and selling prices %Δ H1 F23 vs Comments H1 F22 Spitz and Kurt Geiger Footwear revenue 18,6 growth Volume 6,5 Volume growth due to improved stock availability and non-repeat of last year’s July unrest Ave. selling price 11,4 Price increases to protect gross margins
Slide 46: International Performance
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Slide 47: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 160 144 135 139 140 117 120 109 100 92 94 93 R million 82 80 73 77 70 60 40 20 - H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 Profit growth from main subsidiary markets Price increases in line with domestic busines
Slide 48: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F23 H1 F22 % Rm Rm International Revenue 656,4 609,4 7,7 % of Grocery and Personal Care brands 11,9 11,9 International Operating Profit 144,2 138,9 3,8 % of Grocery and Personal Care brands 12,4 12,6 (1,6) % % International Operatin
Slide 49: H2 Prospects
H2 Prospects WVOURED POTATO CHIP.
Slide 50: Prospects for H2: load-shedding
AVI GROUP Prospects for H2 Impact of load-shedding across the business to persist ❑ Back-up power solutions in place across all sites and key retail stores ❑ Capability to weather higher stages of load-shedding but at significant cost (approximately R100k per hour) ❑ Country wide black out would h
Slide 51: Prospects for H2: Entyce and Snackworks margins
AVI GROUP Prospects for H2 Protect Entyce and Snackworks margins in a tough environment ❑ Demand pressure from constrained consumers exacerbated by inflation, interest rates and unemployment ❑ Careful price / volume management to defend market shares while protecting long-term profitability ❑ Raw
Slide 52: Prospects for H2: cost savings and Indigo
AVI GROUP Prospects for H2 Protect Entyce and Snackworks margins in a tough environment ❑ Ongoing focus on cost savings and structure ❑ Project activity to improve capacity and efficiency ❑ Steady building of branded positions in export markets ❑ Continued recovery of Ciro out-of-home performance
Slide 53: Prospects for H2: I&J
AVI GROUP Prospects for H2 I&J prospects materially dependent on fishing performance, fuel prices, exchange rates and realisation of further selling price increases ❑ 5% increase in total allowable catch for 2023 calendar ❑ Export exchange rate hedges support sound profitability with recent Rand w
Slide 54: Prospects for H2: Footwear and Apparel
AVI GROUP Prospects for H2 Footwear and Apparel ❑ Risk of cost / margin pressure if recent Rand weakness persists ❑ Hedge positions provide a degree of certainty for H2 ❑ Price increases to offset margin pressure ❑ Continued focus on cost control and improving operating metrics ❑ Rental renewals ❑
Slide 55: Prospects for H2: capital investment projects
AVI GROUP Prospects for H2 Capital investment projects to improve capability, product quality and customer service levels H2 F23 F23 Total Planned Planned Rm Rm Tea packaging line replacements and upgrades 12 19 Creamer capacity increase 9 21 Biscuit line upgrades and improvements 26 43 Snacks fry
Slide 56: Investor proposition
AVI GROUP Investor proposition Sustain high return on capital employed and cash conversion ❑ Effective capital projects ❑ Leverage domestic manufacturing capability to grow export markets ❑ Return excess cash to shareholders efficiently Ongoing review and simplification of business model to acco
Slide 57: Questions
AV | GROWING GREAT BRANDS Questions
Slide 58: Revenue 7,2% up
INFORMATION SLIDES Revenue 7,2% up 7 900 7 800 7 700 7 600 7 500 R million 7 400 7 300 7 200 7 100 7 000 7 296 87 304 (29) 4 161 7 823 H1 Entyce Snackworks I&J Personal Footwear & H1 F22 Care Apparel F23 Entyce: Growth in Ciro, coffee and creamer partly offset by declines in tea Snackworks: Grow
Slide 59: Gross profit 7,8% up
INFORMATION SLIDES Gross profit 7,8% up 3 150 3 100 3 050 R million 3 000 2 950 2 900 2 850 2 800 2 886 48 97 (76) 29 128 3 112 H1 Entyce Snackworks I&J Personal Footwear & H1 F22 Care Apparel F23 Entyce: Revenue growth partly offset by margin pressure with higher commodity input costs not fully r
Slide 60: Civil unrest – direct costs and insurance proceeds
INFORMATION SLIDES Civil unrest – direct costs incurred and insurance proceeds recognised Reported Adjusted H1 F22 H1 F23 H1 F22 civil H1 F22 Like-for- Actual Actual Actual unrest Adjusted like impact Rm Rm % Rm Rm % Revenue 7 822,9 7 295,6 7,2 - 7 295,6 7,2 Cost of sales (4 711,0) (4 409,4) 6,8
Slide 61: Marketing expenditure
INFORMATION SLIDES Marketing expenditure 16,0% 14,4% 14,0% 13,3% 12,0% 10,0% 7,7% 8,1% 8,0% 6,8% 6,6% 6,5% 6,4% 6,1% 6,0% 6,0% 5,5% 5,6% 4,4% 4,3% 4,0% 1,6% 1,9% 2,0% 0,0% * Excludes Coty licensed brands H1 F22 H1 F23 Total expenditure for H1 F23 of R416,3 million compared to R375,2 million in H1
Slide 62: Key capital projects spend summary
INFORMATION SLIDES Key capital projects spend summary H1 F23 Rm Tea packaging line replacements and upgrades 7 Creamer capacity increase 12 Biscuit line upgrades and improvements 17 Snacks fryer essential replacement 10 I&J processing plant and storage facility upgrades 23 I&J vessel dry-docks and u
Slide 63: Capital expenditure and depreciation
INFORMATION SLIDES Capital expenditure and depreciation (excluding depreciation on right-of-use assets) 1 000 F16 F17 F18 F19 F20 F21 F22 F23 120,00 882 900 100,00 800 700 80,00 600 322 546 R million 473 492 500 60,00 420 411 394 408 388 388 407 400 388 377 347 316 262 183 40,00 300 246 241 200 182
Slide 64: Cash flows
INFORMATION SLIDES Cash flows 2 600 2 400 2 200 2 000 1 800 1 600 R million 1 400 1 200 1 000 800 600 400 200 - 1 761 704 (734) (353) (246) (74) (90) (968) Cash from Increase in net Working capital Taxation Capital Lease liabilities Net interest Ordinary operations debt and other expenditure paid pa
Slide 65: Foreign exchange hedges
INFORMATION SLIDES Foreign exchange hedges February 2023 to July 2023 to January 2024 to June 2023 December 2023 June 2024 % Cover % Cover % Cover USD imports 74% 31% 1% EUR imports 67% 27% 0% EUR exports 63% 61% 44% Consistent hedging philosophy provides stability to manage gross profit margins
Slide 66: I&J period end fair value adjustments
INFORMATION SLIDES I&J period end fair value adjustments H1 F23 H1 F22 Actual Actual Rm Rm Rm Fuel hedge unrealised loss / (gain) 5,1 (1,5) 6,6 Opening mark-to-market (liability) / asset (0,2) 5,0 Closing mark-to-market (liability) / asset (5,3) 6,5 Abalone – decrease / (increase) in unrealised pr
Slide 67: I&J fishing quota
INFORMATION SLIDES I&J fishing quota CY17 CY18 CY19 CY20 CY21 CY22 CY23 Quota (tons) South African Total Allowable Catch (TAC) 140 216 133 120 146 430 146 430 139 119 132 163 138 772 % change in TAC (5,0) (5,0) 10,0 - (5,0) (5,0) 5,0 I&J 37 901 36 013 39 517 39 517 37 543 34 143 35 850 % 27,1 27,1 2
Slide 68: Trading space and trading density: Spitz
INFORMATION SLIDES Trading space and trading density Spitz H1 F23 H1 F22 Number of stores 69 72 Turnover (Rm) 848,6 703,4 Average m2 18 376 18 770 Trading Density (R/m2) 46 181 37 477 Closing m2 18 358 18 941 Like-for-like metrics* H1 F23 H1 F22 Number of stores 68 68 Turnover (Rm) 843,9 701,3 Avera
Slide 69: Trading density – Spitz stores
INFORMATION SLIDES Trading density – Spitz stores 50 000 45 000 20 000 40 000 35 000 15 000 30 000 R/m2 25 000 m2 10 000 20 000 15 000 5 000 10 000 5 000 0 0 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 Trading density (R/m2) Average trading space (m2) Closed three Spitz stores in the last 12
Slide 70: Trading space and trading density: Kurt Geiger
INFORMATION SLIDES Trading space and trading density Kurt Geiger H1 F23 H1 F22 Number of stores 31 34 Turnover (Rm) 107,9 104,5 Average m2 3 934 4 287 Trading Density (R/m2) 27 423 24 379 Closing m2 3 934 4 287 Like-for-like metrics* H1 F23 H1 F22 Number of stores 31 31 Turnover (Rm) 107,9 99,5 Aver
Slide 71: Trading density – Kurt Geiger stores
INFORMATION SLIDES Trading density – Kurt Geiger stores 35 000 6 000 30 000 5 000 25 000 4 000 20 000 R/m2 m2 3 000 15 000 2 000 10 000 1 000 5 000 0 0 H1 F17 H1 F18 H1 F19 H1 F20 H1 F21 H1 F22 H1 F23 Trading density (R/m2) Average trading space (m2) Closed three Kurt Geiger stores in the last 12
Slide 72: Trading space and trading density: Green Cross
INFORMATION SLIDES Trading space and trading density Green Cross H1 F23 H1 F22 Number of stores # 16 18 Turnover (Rm) 52,8 45,8 Average m2 2 233 2 662 Trading Density (R/m2) 23 660 17 206 Closing m2 2 119 2 326 Like-for-like metrics* H1 F23 H1 F22 Number of stores # 16 16 Turnover (Rm) 50,4 39,0 Ave
Slide 73: Closing number of stores and trading space
INFORMATION SLIDES Closing number of stores and trading space at the end of each period Period Spitz Kurt Geiger Green Cross End # of stores Closing m² # of stores Closing m² # of stores Closing m² December 2009 56 15 220 3 346 June 2010 56 15 012 3 346 December 2010 57 15 124 7 1 047 June 2011 57 1