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.