Cashbuild's revenue drops 10% in the third quarter

accreditation
0:00
play article
Subscribers can listen to this article
Cashbuild has had a tough 2022 third quarter
Cashbuild has had a tough 2022 third quarter
Cashbuild

Cashbuild’s share price fell by more than 2% on Wednesday afternoon after the company confirmed that its revenue declined by 10% in the third quarter of 2022, compared to the same quarter in 2021.

Fewer consumers are focusing on home improvements as more employees are returning to offices, following the easing of lockdown restrictions and a decline in Covid-19 cases. 

The prices of its products ("selling inflation") rose 8.1% over the year.

Cashbuild, the largest retailer of building materials in South Africa, was also hit by the July unrest in KwaZulu-Natal and Gauteng last year. Excluding the 36 stores damaged in the unrest, its revenue for the third quarter declined by 7%. 

The hardware retailer is currently rebuilding five of its stores that were looted in the unrest. And it opened two new stores, refurbished five, relocated one and closed four in the third quarter. The group has 317 stores. 

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.80
+1.1%
Rand - Pound
19.39
+1.0%
Rand - Euro
16.67
+0.8%
Rand - Aus dollar
10.97
+0.4%
Rand - Yen
0.12
+1.3%
Gold
1,826.32
+0.2%
Silver
21.14
+0.9%
Palladium
1,880.00
+2.0%
Platinum
911.50
+0.2%
Brent Crude
110.05
-1.5%
Top 40
59,993
+1.6%
All Share
66,349
+1.6%
Resource 10
64,422
-0.2%
Industrial 25
76,590
+2.6%
Financial 15
15,623
+1.9%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot