Capevin is the other company name you need to remember. It will house the Scotch whisky business and the cash cow that is Gordon’s Gin.
With the release of third-quarter results, the fund has demonstrated an ability to keep growing its business across the UK and SA. The company has a development joint venture with Nedbank and is currently working on two properties in Morningside and Bryanston. In the UK, Stor-Age’s Storage King brand is making acquisitions and the group has another joint venture as well.
The problem isn’t the local Food business, although I keep beating the drum that it is under major pressure from Checkers in its core high-LSM market. Price increases of 2.6% were below product inflation of 3.7%, which means that Woolworths is experiencing margin and pricing pressure. The days of high turnover growth in this business appear to be over, so this is making the cracks in the rest of the group appear even wider.
The real nightmare is still in Australia, Ian Moir’s deal legacy that everyone wishes wasn’t there. With Australia having had some of the most draconian lockdown rules in the world, 70% of the bricks-and-mortar stores couldn’t trade over this period. Online sales increased by 44.2% and contributed 28.1% of the total, saving the group from a complete catastrophe. A decrease in comparable store sales at David Jones of 9% and Country Road Group of 3.2% doesn’t bode well for profitability.
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