A Green Cross store at Greenacres Shopping Centre in Port Elizabeth. Picture: ANGUS NEL
The two businesses — Spitz and Green Cross — performed poorly in the 2019 financial year amid the slump in consumer spending, resulting in a drop in full-year revenue.AVI, which has a market capitalisation of R29.3bn, acquired Green Cross for R382.5m in 2012. But the business has struggled as it and other consumer-facing businesses could not pass on higher costs to cash-strapped consumers.
AVI chairman Gavin Tipper and CEO Simon Crutchley on Monday said the company expected the trading environment to remain difficult. “Our expectation is that many of our categories will continue to have low, or even negative, growth rates until there is a meaningful improvement in the economy,” they said.December’s sales volumes were lower than last year, particularly for Spitz, which was unable to repeat record December 2017 sales volumes.
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