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Marshalls half year sales drop 42%
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Balance Sheet, Income Statement & Cash Flow Statement
Marshalls E.A released their half year financial results for the 2008 financial year. Marshalls reported a 42% drop in sales and 36% drop in gross profit. According to the results, administrative expenses decreased by 6.9% while other operating income increased by 71.6%.
Discontinuation of Peugeot Franchise:
Marshalls E.A discontinued the Peugeot franchise in the 2007 financial year, this contributed a loss of KES 19 million in the period (Profit: KES 5 million in 2007). The company has also discontinued the sale of new vehicle brands but will continue to service and sell Peugeot parts in the market. Sales and cost of sales from the discontinued operations were disclosed in the nine-month financial report on the face of the profit and loss account. Only the sale of the vehicles has been discontinued. All other services related to the Peugeot business will continue in the future. The revenues and contribution from the entire Peugeot division were shown in the report.
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