Famous Brands, the owner of Steers, announced on Monday that for the year ending February 29, 2024, their full-year revenue grew by 8% to R8 billion, and cash from operations rose by 13%. However, the company experienced a 6% decrease in operating profit and a 5% drop in headline earnings per share (Heps).
The decline in profit was primarily attributed to the liquidation of Gourmet Burger Kitchen, from which the group had previously received a one-time dividend payout of R75 million in the prior financial year (FY2023). Additionally, the company mentioned that a weaker performance in the second half of the year, combined with load shedding and higher interest rates impacting consumer spending, also contributed to the overall downturn in financial results.
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