Slide 1: AVI Limited presentation to shareholders & analysts for the year ended 30 June 2020
AVI Limited presentation to shareholders & analysts for the year ended 30 June 2020
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance and prospects Questions and answers
Slide 3: Key Features
KEY FEATURES The COVID-19 pandemic materially affected the second semester Full year revenue growth of 0,4% Gross profit margins protected despite volume losses in some businesses Selling and administrative cost increases limited to 1,0% Operating profit declined by 7,5% due to the impact
Slide 4: COVID-19 – impact on operations
KEY FEATURES COVID-19 – impact on operations Total of 410 positive cases to date 18 hospitalisations and 5 deaths, including 2 contractors Impact of lockdown restrictions on ability to trade in F20: 27 - 31 March April May June Tea Coffee Creamer Ciro Only contract income. Majority of customers
Slide 5: COVID-19 – impact on sales volumes
KEY FEATURES COVID-19 – impact on sales volumes % Change in sales volumes compared to prior year 9 months to April to June Full year March Tea -0,7% 17,7% 4,4% Coffee -6,1% 4,3% -3,1% Creamer -1,9% 20,1% 4,4% Ciro 4,4% -68,8% -15,0% Biscuits 0,5% 20,7% 5,1% Snacks 1,8% 22,3% 6,7% I&J hake domestic 9
Slide 6: COVID-19 – impact on revenue
KEY FEATURES COVID-19 – impact on revenue % Revenue compared to corresponding month in the prior year Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Entyce & Snackworks (excl Ciro) 123% 124% 127% 110% 112% 123% Ciro 84% 12% 29% 41% 47% 49% I&J 105% 88% 77% 75% 181% 78% Personal Care (Like-for-like) 88% 5
Slide 7: COVID-19 – impact on costs
KEY FEATURES COVID-19 – impact on costs Additional direct costs of R58 million Special Employee Sanitisation Rm employee TOTAL transport and PPE allowances Cost of sales 19 13 7 39 Selling and administrative 14 2 3 19 expenses Total 33 15 10 58 Contribution of R10 million to the Solidarity Fund
Slide 8: Results History: Operating profit history
RESULTS HISTORY 2600 Operating profit history 2 568 2534 2 347 2400 2 398 328 395 202 2200 2 165 366 237 150 2000 1 929 250 345 241 238 1800 1 722 408 404 425 1600 1 529 218 388 389 1400 1 386 198 331 R million 410 910 1200 1 121 248 723 308 172 705 1000 915 892 236 167 666 156 245 609 806 101 800 7
Slide 9: 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% F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 Net operating profit after tax Average capital employed ROCE (%) High return maintained in tough environment
Slide 10: Results History: Cash conversion
RESULTS HISTORY Cash conversion 3 500 120% 3 000 100% 2 500 80% R million 2 000 60% 1 500 40% 1 000 20% 500 0 0% F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 EBITDA Cash generated by operations Cash to EBITDA Sustained strong conversion of earnings into cash Decrease in working capital in F20
Slide 11: Results History: Dividend yield
RESULTS HISTORY Dividend yield 14% 12.0% 12% 10% 7.7% 7.4% 8% 6.4% 6.5% 6.3% 6.2% 5.2% 4.9% 5.8% 6% 4.5% 4.5% 4.3% 4.5% 4.1% 4.4% 3.8% 3.7% 4.0% 4.1% 4.0% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 Normal dividend yield Total dividend yield Based on share price a
Slide 12: Results History: Returns to shareholders
RESULTS HISTORY Returns to shareholders 2500 2500 2 252 2000 2000 823 1 703 1500 1 368 1500 1 360 1 322 1 353 R million 639 1 197 550 953 1000 870 1000 825 788 269.9 621 1 430 1 368 319.1 1 322 1 197 500 227 1 065 500 953 318 231 263 301 810 229 621 528 202 166 263 301 373 166 229 239 0 116 0 F05 F0
Slide 13: Group Financial Results
Group Financial Results GROWING GREAT BRANDS
Slide 14: Income statement
GROUP FINANCIAL RESULTS Income statement F20 F19 Rm Rm % Revenue 13 209,7 13 150,9 0,4 Cost of sales (7 958,5) (7 740,2) 2,8 Gross profit 5 251,2 5 410,7 (2,9) Gross profit margin % 39,8 41,1 (3,2) Selling and administrative expenses (2 916,7) (2 888,2) 1,0 Operating profit 2 334,5 2 522,5 (7,5) Op
Slide 15: Change in operating profit F20 versus F19
GROUP FINANCIAL RESULTS Change in operating profit F20 versus F19 250 200 187 150 128 100 59 50 16 8 16 4 2 - -8 -6 -2 - 50 -35 -43 -52 - 100 -87 -81 - 150 -124 - 200 -170 -186 -190 -188 - 250 Entyce Beverages Snackworks I&J Personal Care Spitz (including Green Cross AVI Gant) Group H1 H2 FY
Slide 16: Business unit financial results
GROUP FINANCIAL RESULTS Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin F20 F19 Δ F20 F19 Δ F20 F19 Rm Rm % Rm Rm % % % Food & Beverage Brands 10 542,0 10 220,7 3,1 1 994,6 1 969,3 1,3 18,9 19,3 Entyce Beverages 3 849,0 3 822,6 0,7 846,6 838,3 1,0 22,0 2
Slide 17: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 14 000 13 500 13 000 12 500 R million 12 000 11 500 11 000 10 500 10 000 13 151 238 -179 13 210 F19 Price Volume F20 Price increases in biscuits and snacks Tighter management of discounts across the Group Lower volumes in fashion businesses, I&
Slide 18: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 60% 50% 43.8% 43.9% 43.7% 44.2% 43.5% 43.1% 41.1% 39.8% 40% 30% 20% F14 F15 F16 F17 F18 F19 F19 F20 Old basis* New basis* * Adoption of new accounting standards in F19 resulting in lower margin Gross profit margin largely protected in difficult e
Slide 19: Operating profit 7,5% down
GROUP FINANCIAL RESULTS Operating profit 7,5% down 2 700 2 450 2 200 R million 1 950 1 700 1 450 1 200 2 523 8 187 -170 -87 -115 -2 -9 2 335 F19 Entyce Snackworks I&J Personal Spitz Green Cross Other F20 Care Entyce: Higher sales volumes in tea and creamer; lower tea raw material costs Snackwork
Slide 20: Cash flow and gearing
GROUP FINANCIAL RESULTS Cash flow and gearing F20 F19 F19 Rm Rm % Cash generated by operations 3 220,3 2 849,9 13,0 Working capital to revenue % 23,2 25,3 (8,3) Capital expenditure (376,6) (472,6) (20,3) Special dividend - (822,9) Proceeds from disposal of Simplot (after costs) 631,8 - Net debt 1 3
Slide 21: Dividends
GROUP FINANCIAL RESULTS Dividends F20 F19 F19 Rm Rm % Interim dividend - cps 160 165 (3,0) Final dividend - cps 250 250 - Total dividend – cps 410 415 (1,2) Dividend yield - %* 5,8 4,5 Normal dividend cover ratio 1,14 1,25 Closing share price – cps 7 054 9 136 * Calculated using the closing share p
Slide 22: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary F20 F21 Actual Planned Rm Rm Rooibos line upgrade 52 - Biscuit line capacity and process improvements 24 43 Snack line replacements and upgrades 17 4 I&J vessel dry-docks and upgrades 101 48 I&J processing plant replacements and upgrades 21
Slide 23: I&J period end fair value adjustments
GROUP FINANCIAL RESULTS I&J period end fair value adjustments F20 F19 Actual Actual Var Rm Rm Rm Fuel hedge unrealised loss / (gain) 9,2 13,4 (4,2) Opening mark-to-market asset / (liability) (1,4) 12,0 Closing mark-to-market asset / (liability) (10,6) (1,4) Abalone – movement in unrealised profit in
Slide 24: Performance and Prospects
Performance Performance and prospects and Prospects
Slide 25: Entyce Beverages income statement: tea
Income statement F20 F19 % Rm Rm Revenue 3 849,0 3 822,6 0,7 Operating profit 846,6 838,3 1,0 Operating profit margin % 22,0 21,9 0,5 Tea profit growth due to higher volumes and lower raw material prices Black tea volumes increased with extra demand during COVID-19 lockdown Rooibos volumes de
Slide 26: Entyce Beverages income statement: coffee
Income statement Income statement F20 F19 % Rm Rm Revenue 3 849,0 3 822,6 0,7 Operating profit 846,6 838,3 1,0 Operating profit margin % 22,0 21,9 0,5 Coffee profit decrease due to sustained competitor activity Lower volumes in all categories, offset by increased demand during COVID-19 lockdow
Slide 27: Entyce Beverages income statement: creamer
Income statement Income statement F20 F19 % Rm Rm Revenue 3 849,0 3 822,6 0,7 Operating profit 846,6 838,3 1,0 Operating profit margin % 22,0 21,9 0,5 Creamer profits sustained at high level Volume growth due to increased demand during COVID-19 lockdown Raw material cost inflation eroded gro
Slide 28: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F20 vs F19 Tea revenue growth 2,5 Volume 4,4 Black tea volume growth due to increased demand during COVID-19 lockdown Ave. selling price (1,8) Increased discounting to support volumes, taking lower raw material costs into account Coffee revenue decrease (0
Slide 29: Market shares – 12 months value
Market shares – 12 months value 60.0% 56.4% 53.3% 50.0% 48.8% 43.3% 40.0% 29.3% 30.0% 30.0% 21.4% 19.4% 20.0% 11.9% 11.8% 10.0% 0.0% Five Roses Freshpak Frisco Ellis Brown Trinco F19 F20 Balanced price / volume in constrained environment
Slide 30: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F20 vs F19): 40 23 20 11 6.0 0 0 -2 -20 R million -40 -60 -80 -78 -100 Robusta / chicory Glucose Arabica Casein Palm oil Tea
Slide 31: Performance and Prospects: Snackworks
SnackwoOrks That’s Good Times! Semon -i~ td GROWING GREAT BRANDS
Slide 32: Snackworks income statement: biscuits
Income statement F20 F19 % Rm Rm Revenue 4 365,1 3 890,9 12,2 Operating profit 910,2 723,1 25,9 Operating profit margin % 20,9 18,6 12,4 Growth in biscuit profit due to higher sales volumes and improved factory performance Strong demand for key KVIs during COVID-19 lockdown Annual price incre
Slide 33: Snackworks income statement: snacks
Income statement Income statement F20 F19 % Rm Rm Revenue 4 365,1 3 890,9 12,2 Operating profit 910,2 723,1 25,9 Operating profit margin % 20,9 18,6 12,4 Strong snacks performance Volume growth due to increased demand during COVID-19 lockdown Annual price increase in response to cost pressur
Slide 34: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F20 vs F19 Biscuits revenue growth 12,3 Volume growth 5,1 Volume growth due to increased demand during COVID-19 lockdown Ave. selling prices 6,9 Annual price increase in response to cost pressure supported by lower discounting Snacks revenue growth 11,7 Vo
Slide 35: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (F20 vs F19): 25 22 20 14 15 10 8 5 5 2 R million 0 -5 -10 -15 -20 -21 -25 Palm oil Sugar Flour Maize Potatoes Butter
Slide 36: Market shares – 12 months value
Market shares – 12 months value 45.0% 42.2% 41.4% 40.0% 35.0% 30.0% 25.0% 20.0% 18.1% 18.3% 15.0% 14.0% 14.1% 10.0% 5.0% 0.0% Bakers (Sweet) Bakers (Savoury) Willards F19 F20 Balanced price / volume in constrained environment
Slide 37: Performance and Prospects: I&J
+ SINCE 1910 - GROWING GREAT BRANDS
Slide 38: I&J income statement
Income statement F20 F19 % Rm Rm Revenue 2 327,9 2 507,2 (7,2) Operating profit 237,8 407,9 (41,7) Operating profit margin % 10,2 16,3 (37,4) Weak H2 result Adverse impact of COVID-19 pandemic Restricted processing volumes, and concomitant reduction in wet vessel activity, resulting in low co
Slide 39: I&J operating profit
Operating profit 450 400 350 300 R million 250 200 150 100 408 -98 -59 -20 -11 18 238 F19 Abalone COVID-19 Lower freezer Simplot Exchange F20 fishing impact vessels sea royalty rate/other days Abalone decrease due to lower sales volumes and selling prices resulting from Hong Kong protests and COVI
Slide 40: I&J profit history
Profit history 550 480 453 450 450 62 73 52 382 67 98 350 70 71 R million 351 273 266 69 309 255 300 250 19 47 35 0 243 236 52 53 150 174 178 50 F14 F15 F16 F17 F18 F19 F20 Fishing Abalone Simplot Abalone contribution decrease due to lower export sales volumes and prices, as well as unfavourable f
Slide 41: Fishing performance
Fishing performance 14.0 11.9 12.0 11.0 10.2 9.9 10.0 9.5 9.4 9.0 Hake tons per sea day 8.5 8.3 8.1 8.0 6.0 4.0 2.0 0.0 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 I&J catch rate Decline mainly due to change in fleet utilisation – reduction in freezer vessel fishing days
Slide 42: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ Comments F20 vs F19 I&J Domestic revenue growth 4,6 Volume 4,8 Improved retail performance due to increased demand during COVID-19 lockdown Ave. selling prices (0,1) Change in sales mix, offset by price increases taken to mitigate cost pressure I&J Export re
Slide 43: Performance and Prospects: Indigo brands
eee eee eee eee eee eee eee eee ee ee eee eee erry! indigo brands YARDLEY LENTHERIC COTY RIMMEL a naifene. Sai ly Hansen LONDON = PARIS FAmIG: NEw Vorn Performance and Prospects GROWING GREAT BRANDS
Slide 44: Personal Care income statement
Income statement F20 F19 % Rm Rm Revenue 1 192,7 1 111,4 7,3 Operating profit 150,2 237,2 (36,7) Operating profit margin % 12,6 21,3 (40,8) Higher revenue due to change in Coty business model Lower gross profit and operating profit margins Owned brand revenue decline Sales volumes negativel
Slide 45: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F20 vs F19 * Personal Care revenue decrease* (7,5) Volume (5,2) COVID-19 lockdown restrictions (cosmetics and fragrance) and lower demand during COVID-19 lockdown, partly offset by growth from new product launches in lotions and roll- ons Ave. selling pric
Slide 46: Performance and Prospects: Spitz
SPITZ SPttys CARVELA KURTGEIGER LACOSTE GANT /Nninaroche FTOSONI Performance and Prospects GROWING GREAT BRANDS
Slide 47: Spitz income statement
Income statement F20 F19 % Rm Rm Revenue 1 242,3 1 461,1 (15,0) Operating profit 228,1 343,6 (33,6) Operating profit margin % 18,4 23,5 (21,7) Footwear and clothing volumes declined Lower demand in constrained environment COVID-19 store closures from 27 March to 30 April, phased opening in Ma
Slide 48: Sales volume and selling prices
Sales volume and selling prices %Δ Comments F20 vs F19 Spitz & KG Footwear revenue decrease (14,8) Sales volume (14,9) Constrained consumer environment; COVID- 19 lockdown Ave. selling price 0,1 Inflation in non core lines and price increase in H2 KG Clothing revenue growth (17,2) COVID-19 lockdown
Slide 49: Performance and Prospects: Green Cross
fs GREEN CROSS Performance and Prospects GROWING GREAT BRANDS
Slide 50: Green Cross income statement
Income statement F20 F19 % Rm Rm Revenue 187,2 295,0 (36,5) Operating profit (32,0) (29,6) (8,1) Operating profit margin % (17,1) (10,0) (71,0) Revenue decline of 36,5% Aggressive discounting across the comfort footwear category COVID-19 store closures from 27 March to 30 April, and phased op
Slide 51: Performance and Prospects: International
AN | International Performance and Prospects GROWING GREAT BRANDS
Slide 52: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 300 253 250 213 194 197 200 189 159 R million 150 132 129 117 100 92 76 56 58 50 0 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20 Revenue growth across most markets and product categories Increased demand during COVID-19 lockdown in several markets
Slide 53: Prospects for F21
AVI GROUP Prospects for F21 Protect Entyce and Snackworks profits in a tough environment Demand to stabilise as consumers return to normal spending patterns Ciro sales volumes should recover gradually as customers re-open Careful price / volume management Raw material prices and exchange r
Slide 54: Prospects for F21 continued
AVI GROUP Prospects for F21 continued Target F21 improvement in Indigo profit Demand expected to recover as consumers return to normal workplaces Focus on achieving price points necessary to protect gross profit margin Leverage product launches and marketing investment Potential for contin
Slide 55: Prospects for F21 continued
AVI GROUP Prospects for F21 continued I&J H2 performance expected to be materially better than H2 F20 Limited COVID-19 impact anticipated Processing throughput normalised Exchange rates secured are at higher rates than F20 Fuel hedges secured are at lower prices than F20 Quota for CY20 u
Slide 56: Prospects for F21 continued
AVI GROUP Prospects for F21 continued Spitz Demand expected to improve as consumers return to malls Increased promotional activity to manage COVID-19 stock build Exchange rates secured together with increased core stock levels will protect gross profit margin for H1 Margin pressure in H2 a
Slide 57: Investor proposition
AVI GROUP Investor proposition Continue adapting to changing macro environment Ongoing review and simplification of business model Group initiatives keep focus on margin management, procurement, cost savings and efficiency Manage our unique brand portfolio to its long term potential Target
Slide 58: Questions
Questions GROWING GREAT BRANDS
Slide 59: Revenue 0,4% up
INFORMATION SLIDES Revenue 0,4% up 14 000 13 500 R million 13 000 12 500 12 000 13 151 26 474 -179 81 -219 -108 -16 13 210 F19 Entyce Snackworks I&J Personal Spitz Green Cross Other F20 Care Entyce: Volume growth in black tea and creamer partly offset by declines in rooibos tea and coffee (includi
Slide 60: Gross profit 2,9% down
INFORMATION SLIDES Gross profit 2,9% down 6 000 5 500 R million 5 000 4 500 4 000 5 411 29 252 -166 -74 -153 -34 -14 5 251 F19 Entyce Snackworks I&J Personal Spitz Green Cross Other F20 Care Entyce: Revenue growth and favorable tea raw material costs, offset by decrease in coffee Snackworks: Vol
Slide 61: Marketing expenditure
INFORMATION SLIDES Marketing expenditure 18.0% 16.0% 16.0% 16.0% 14.0% 12.0% 10.0% 8.5% 8.0% 8.0% 7.0% 7.0% 7.1… 6.2% 6.5% 6.2% 6.0% 4.9% 5.0… 5.3% 5.1% 4.0% 2.3% 2.3% 2.0% 0.0% * Excludes Coty F19 F20 Total expenditure for F20 of R752,7 million compared to R755,9 million in F19 Includes adverti
Slide 62: Capital expenditure and depreciation
INFORMATION SLIDES Capital expenditure and depreciation (excluding depreciation on right-of-use assets) 1 000 900 882 800 849 700 600 R million 500 532 546 400 473 394 420 388 408 411 377 300 347 308 283 200 100 - F14 F15 F16 F17 F18 F19 F20 Capital expenditure Depreciation charge Continued invest
Slide 63: Cash flows
INFORMATION SLIDES Cash flows 3500 3000 2500 2000 R million 1500 1000 500 0 3 096 143 -711 -377 -160 -166 -1 352 632 -1 105 Cash from Working Taxation Capital Lease Net interest Dividends Simplot sale Decrease in operations capital and expenditure liabilities paid paid paid net debt other
Slide 64: Foreign exchange hedges
INFORMATION SLIDES Foreign exchange hedges September 2020 to January 2021 to July 2021 to December 2020 June 2021 December 2021 % Cover % Cover % Cover USD imports 64% 11% 0% EUR imports 36% 16% 0% EUR exports 68% 60% 8% Consistent hedging philosophy provides stability to manage gross margins Re
Slide 65: Entyce, Snackworks and Indigo – Non RSA sales
INFORMATION SLIDES Entyce, Snackworks and Indigo – Non RSA sales F20 F19 % Rm Rm International Revenue 1 133,9 1 044,1 8,6 % of Grocery and Personal Care brands 12,1 11,8 2,5 International Operating Profit 252,9 212,9 18,8 % of Grocery and Personal Care brands 13,3 11,8 12,7 International Operating
Slide 66: I&J fishing quota
INFORMATION SLIDES I&J fishing quota CY14 CY15 CY16 CY17 CY18 CY19 CY20 Quota (tons) South African Total Allowable Catch (TAC) 155 308 147 500 147 500 140 126 133 120 146 430 146 430 % change in TAC (0,5) (5,0) - (5,0) (5,0) 10,0 0,0 I&J 43 471 41 223 41 245 37 901 36 013 39 616 39 616 % 28,0 27,9 2
Slide 67: Impact of change in Coty business model on Personal Care
INFORMATION SLIDES Impact of change in Coty business model on Personal Care F20 F20 Reported Old basis Rm Rm Revenue 1 192,7 992,4 Operating profit 150,2 145,1 Operating profit margin % 12,6 14,6 Coty agreement renewed for 3 years Full revenue and cost of sales on Coty product in Indigo income s
Slide 68: Trading space and trading density: Spitz
INFORMATION SLIDES Trading space and trading density Spitz F20 F19 Number of stores 74 74 Turnover (Rm) 1 065,1 1 250,8 Average m2 19 489 19 484 Trading Density (R /m2) 54 650 64 198 Closing m2 19 384 19 363 Like-for-like metrics* F20 F19 Number of stores 72 72 Turnover (Rm) 1 041,3 1 218,7 Average
Slide 69: Trading density – Spitz stores
INFORMATION SLIDES Trading density – Spitz stores 80 000 25 000 70 000 20 000 60 000 50 000 15 000 R/m2 m2 40 000 10 000 30 000 20 000 5 000 10 000 0 0 F15 F16 F17 F18 FY19 FY20 Trading density (R/m2) Average trading space (m2) Opened 1 new Spitz store and closed 1
Slide 70: Trading space and trading density: Kurt Geiger
INFORMATION SLIDES Trading space and trading density Kurt Geiger F20 F19 Number of stores 34 33 Turnover (Rm) 175,1 210,3 Average m2 4 259 4 186 Trading Density (R /m2) 41 116 50 237 Closing m2 4 289 4 191 Like-for-like metrics* F20 F19 Number of stores 32 32 Turnover (Rm) 176,9 213,4 Average & clos
Slide 71: Trading density – Kurt Geiger stores
INFORMATION SLIDES Trading density – Kurt Geiger stores 60 000 4 300 4 200 50 000 4 100 40 000 4 000 R/m2 m2 30 000 3 900 20 000 3 800 10 000 3 700 0 3 600 F15 F16 F17 F18 FY19 FY20 Trading density (R/m2) Average trading space (m2) Opened 2 Kurt Geiger stores and closed 1
Slide 72: Trading space and trading density: Green Cross
INFORMATION SLIDES Trading space and trading density Green Cross F20 F19 Number of stores # 37 41 Turnover (Rm) 140,9 224,9 Average m2 4 825 5 340 Trading Density (R /m2) 29 202 42 110 Closing m2 4 471 4 936 Like-for-like metrics* F20 F19 Number of stores # 36 36 Turnover (Rm) 131,2 200,3 Average &
Slide 73: Closing number of stores and trading space
INFORMATION SLIDES Closing number of stores and trading space at the end of each period Spitz Kurt Geiger Green Cross Period 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
Slide 74: Growing Great Brands
GROWING GREAT BRANDS