/ 19 September 2000

EDCON SEES DEPRESSED EARNINGS

EDGARS Consolidated Stores (Edcon) expects interim earnings to be well below those of the same period last year, saying it would be difficult to match 1999’s overall earnings. Edcon said an improvement would only be expected if the retail environment showed an upswing over the Christmas season. Edcon earlier this year forecast a 10% increase in sales growth with earnings seen rising at a higher rate. It said trading in the clothing sector remained difficult and increasingly price sensitive and against this background, its sales growth had been lower than expected, particularly since August. – Reuters