Cashbuild updates on 3rd quarter operations

Mobile payments could result in a cashless society. (Duncan Alfreds, Fin24)
Mobile payments could result in a cashless society. (Duncan Alfreds, Fin24)

Johannesburg - Cashbuild [JSE:CSB] said in its third quarter operational update that revenue for the company was down by 1% on the third quarter of the prior financial year.

Twenty stores opened since 1 July 2015 and contributed a 4% increase, while the 219 existing stores decreased by 5% when compared to the third quarter of the prior financial year. This, together with the growth reported in the first half, equates to an increase in revenue for the year to date of 2%.

Revenue for the Group, including P&L Hardware trading equates to growth of 13% for the third quarter. This, together with the growth reported in the first half, equates to an increase in revenue for the year to date of 15% when compared to the prior year.

Transactions through the tills during the third quarter decreased by 2% to that of the comparative period resulting from new stores increasing with 3% and existing stores decreasing by 5%.

Transactions for the third quarter for the group were up 8% with the inclusion of P&L Hardware. Total units sold decreased by 1% with existing stores decreasing by 5% for the third quarter. Units for the Group were up 5% with the inclusion of P&L Hardware.

During the third quarter one store was refurbished, no stores relocated and 1 DIY store closed at the expiration of its lease term, bringing the total number of stores trading at the end of the quarter to 294, which includes the 46 P&L Hardware stores and the 9 Cashbuild DIY pilot stores.

Selling inflation was at 2% at the end of March 2017 when compared to March 2016 prices. Gross profit percentage margins remained at similar levels to those reported at half year end.

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