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Trading Statement
LUXE HOLDINGS LIMITED
(Previously Taste Holdings Limited)
Incorporated in the Republic of South Africa
(Registration number: 2000/002239/06)
Share code: LUX
ISIN Code: ZAE000286035
(“Luxe” or “the Company”)
TRADING STATEMENT
In terms of the JSE Limited (“JSE”) Listings Requirements, a listed company is required to
publish a trading statement as soon as it becomes reasonably certain that the financial results
for the next period to be reported on will differ by 20% or more from the financial results for
the prior corresponding period.
Shareholders are advised that the Company's results for the six-month period ended 31
August 2019 have been retrospectively restated, reclassified and adjusted to account for the
following:
1. Restatement – correction in the weighted average shares in issue as per 31 August
2019 interim financial statements
- There has been a correction in the weighted average shares in issue as per 31 August
2019 interim financial statements
- As a result, the prior corresponding period’s reported loss per share of 5.4 cents and
headline loss per share of 5.5 cents should instead have reflected a loss per share of
3.8 cents and headline loss per share of 3.9 cents.
2. Reclassification – discontinued operations
- Reclassification in terms of IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations as a result of the Food Division that was discontinued
during the current financial period.
- The reclassification has no effect on the prior corresponding period’s restated total
loss per share and headline loss per share (as above), but rather the split between
continued and discontinued operations as set out in the table below.
3. Adjustment – share consolidation
- The historic per share metrics are adjusted to reflect the consolidation of the share
capital of the Company on 8 July 2020 (every one hundred ordinary shares were
consolidated into one ordinary share), so that they are comparable with the per share
metrics for the current period.
Accordingly, the results for the six-month period ended 31 August 2019 as amended are as
follows:
Previously Restated – Reclassificatio Adjustment –
reported Correction of n– share
31 August weighted discontinued consolidation
2019 average shares operations of 100:1
(cents) in issue (cents) (cents)
(cents)
Loss per share (5.4) (3.8) (3.8) (383.9)
Continued operations (0.6) (60.8)
Discontinued operations (3.2) (323.2)
Headline loss per share (5.5) (3.9) (3.9) (385.6)
Continued operations (0.6) (60.8)
Discontinued operations (3.2) (324.8)
Given the above, the Company hereby advises that a reasonable degree of certainty exists
that loss per share and headline loss per share for the period ended 31 August 2020 will
differ to the amended loss per share and headline loss per share as follows:
Unaudited Expected range Expected range
(Amended) 31 August 2020 31 August 2020
31 August 2019 (cents) (%)
(cents)
Loss per share (383.9) (63.3) to (140.1) 83 to 63
Continued operations (60.8) (71.0) to (83.1) (17) to (37)
Discontinued operations (323. 2) 0 to (57.0) 100 to 82
Headline loss per share (385.6) (63.1) to (140.2) 84 to 64
Continued operations (60.8) (71.0) to (83.1) (17) to (37)
Discontinued operations (324.8) 0 to (57.2) 100 to 82
Stores were closed on 26 March 2020, the date of the commencement of the national
lockdown, and only recommenced trading from 1 June 2020, resulting in lost revenues for
more than a third of the period, August year to date revenue R126.2 million (2019:
R216.4m).
Sales performance since re-opening of stores on 1 June 2020 has been resilient with same
store sales for the 3 months at -6% whereas the first quarter sales were -76%.
Same stores sales
March to May Jun Jul Aug June to August March to August
Group -76% 13% -15% -16% -6% -40%
NWJ -69% 17% -15% -7% -3% -37%
Corporate -65% 19% -15% -7% -2% -34%
Franchise -77% 12% -18% -7% -5% -43%
Arthur Kaplan and
Worlds' Finest Watches -81% 10% -15% -21% -8% -43%
The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The results for the six-month period ended 31
August 2020 are expected to be released on SENS no later than 10 November 2020.
Sandton
28 October 2020
Sponsor
PSG Capital
Date: 28-10-2020 04:40:00
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