{"id":36612,"date":"2013-04-25T12:58:01","date_gmt":"2013-04-25T10:58:01","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=36612"},"modified":"2013-04-26T08:53:33","modified_gmt":"2013-04-26T06:53:33","slug":"musica-continues-store-closures","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/36612\/musica-continues-store-closures\/","title":{"rendered":"Musica continues store closures"},"content":{"rendered":"

Clicks Group<\/a>\u00a0says that its music and entertainment retailer,\u00a0Musica<\/a>,\u00a0performed well in results for the six months ended February 2013, and this despite the net closure of eight stores.<\/p>\n

Clicks Group, which also includes retail brand, The Body Shop, recorded an 11.5% rise in revenue to R8.94 billion, while operating profit of R531.388 million, was up by 8.7%.<\/p>\n

Diluted headline earnings per share of 142.7 cents per share, was also up 8.5% from 2012.<\/p>\n

The group’s interim dividend was increased by 10.0% to 48.5 cents per share.<\/p>\n

Clicks said that constrained consumer spending resulted in slower revenue growth, compounded by relatively low selling price inflation.<\/p>\n

Retail costs increased by 6.7% despite the continuing investment in pharmacy, stores and IT systems, the group said.<\/p>\n

\u201cMusica increased operating profit by 27.3% through tight cost management. The brand continued to gain market share in CDs and DVDs, despite the net closure of eight stores,\u201d Clicks said.<\/p>\n

Musica turnover declined to R501.63 million, from R504.91 million before, while pre-tax profit improved to R46.896 million, from R36.84 million in 2012.<\/p>\n

Musica\u2019s capex increased to R8.46 million, from R2.19 million, Clicks said.<\/p>\n

The arrival of several music download services in South Africa in recent months, led by\u00a0Apple<\/a>\u2019s iTunes Store has thrown into question the longevity of music retailers.<\/p>\n

In a recent interview with BusinessTech, the group said that it is optimistic that the arrival of\u00a0iTunes<\/a>\u00a0in South Africa will complement its offering and\u00a0stimulate the local music industry.<\/p>\n

Looking ahead, Clicks said that the retail environment will remain tough for the Clicks chain and selling price inflation is expected to average 4% – 5% for the second half of the year.<\/p>\n

In these conditions the focus will be on driving revenue growth, maintaining margin and containing costs.<\/p>\n

More on Musica<\/h3>\n

Musica hit by store closures<\/strong><\/a><\/p>\n

Musica bullish despite iTunes arrival<\/a><\/strong><\/p>\n

Look & Listen more than brick and mortar: CEO<\/strong><\/a><\/p>\n

What iTunes means for SA\u2019s brick and mortar<\/strong><\/a><\/p>\n

iTunes launches in SA<\/strong><\/a><\/p>\n

Rara music service in SA \u2013 special R6.99 pricing<\/strong><\/a><\/p>\n

Flat-rated music streaming service launched in SA<\/strong><\/a><\/p>\n

Flat-rated data packages for streaming music<\/strong><\/a><\/p>\n

Simfy music streaming coming for SA: all the details<\/strong><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Musica has delivered solid results for the six months ended February 2013, despite the net closure of eight stores.<\/p>\n","protected":false},"author":9,"featured_media":36625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[4268,26,4782,5693],"class_list":["post-36612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-clicks","tag-headline","tag-musica","tag-the-body-shop"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/36612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=36612"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/36612\/revisions"}],"predecessor-version":[{"id":36653,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/36612\/revisions\/36653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/36625"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=36612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=36612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=36612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}