THE share price of listed furniture retail group Profurn plummeted 45% late on Thursday after the group issued a warning that its earnings for the six months ending June 2001 would be “significantly lower” than those reported for the year earlier period. Profurn’s share price was last quoted at 60 cents, versus 109 cents late on Wednesday. In a statement to the JSE Securities Exchange (JSE) outlining is performance for the first quarter of 2001, Profurn said, however, that total merchandise sales for the first quarter of 2001 had risen 23.3% over the previous year through a concerted effort to improve cash sales. The group’s directors believed that the strategy of consolidating the business and improving cash flows would place Profurn in a stronger financial position in the long term.
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