DStv Channel 403 Saturday, 09 November 2024

Cashbuild sales dip as consumer finances deteriorate

JOHANNESBURG - Cashbuild says it's faced a number of headwinds which negatively impacted annual results.

Operating profit, excluding impairments like discounts given at stores, is down by more than 50 percent.

Revenue dipped by 4 percent.

READ: Cashbuild sales dip as inflation, interest rates bite

Cashbuild predominantly sells directly to a cash-paying customer base.

The CEO of Cashbuild, Werner de Jager, says due to load-shedding their diesel bill increased fourfold from the previous year.

He says the economy will remain under pressure due to global market conditions as well as uncertainty in the run-up to the 2024 National Election. 

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