SOUTH AFRICA: Edgars Shares Rattled By Poor Outlook
Shares in South African clothing retailer Edgars fell on Friday after the company released poor interim results and forecast a tough second half.At 07:44 GMT, Edgars Consolidated Stores shares were down 125 cents, or 5.49 per cent, at 21.50 rand. The stock was earlier down 9.89 per cent or 225 cents at 20.50 rand. The fall far outpaced a 0.79 per cent decline in the retail index.Rival clothing retailer Foschini also posted early losses, dropping 3.85 per cent to 750 cents.In its interim results released on Thursday, Edgars said the "sales growth and decline in earnings for the full year are currently expected to be similar to those reported for the six months under review."The company reported headline earnings per share, which strip out the impact of exceptionals and their tax effects, of 98 cents for the six months ended September 30, versus 146 cents previously. The dividend fell to 36 cents from 55 cents.(C) Reuters Limited 2000.
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