Cashbuild, in an operational update for the second quarter of the 2023 financial year, said yesterday revenue for the second quarter was down 5% from the comparative period. Photo: Simphiwe Mbokazi (ANA)
Cashbuild, in an operational update for the second quarter of the 2023 financial year, said yesterday revenue for the second quarter was down 5% from the comparative period.
South Africa’s largest retailer of building materials and associated products said its 309 existing stores’ revenue decreased by 6% and the seven new stores, opened since July 1, 2021 contributed 1%.
“This, combined with the results reported in the first quarter of the 2023 financial year, equates to a decrease in revenue for the half year of 4% compared to the prior half year,” it said.
Transactions through the tills during the second quarter for the Cashbuild Group decreased by 7% from the comparative period.
Selling inflation was 4.5% at the end of December, 2022 when compared to the end of December, 2021.
During the second quarter, the group opened three new Cashbuild stores, completed eight Cashbuild and two P&L Hardware refurbishments and closed one non-performing P&L Hardware store, bringing the total number of stores trading at the end of the half year to 316.
BUSINESS REPORT