CASHBUILD LIMITED CASHBUILD LIMITED
(Registration number: 1986/001503/06) (Incorporated in the Republic of South Africa)JSE share code: CSB ("Cashbuild" or "the Group")ISIN: ZAE000028320
THIRD QUARTER OPERATIONAL UPDATE - FY 2022
Cashbuild herewith provides its voluntary quarterly operational update.
Revenue for the third quarter of the 2022 financial year ("third quarter") for the Cashbuild Group was down 10% when compared to the third quarter of the prior financial year ("the comparative period" or "Q3 FY2021"). For the 305 existing stores (in existence prior to July 2020), revenue decreased by 11% and the 12 new stores contributed 1% growth. This, combined with the results reported in the first half ("HY2022"), equates to a decrease in revenue for the year to date of 11%.
Shareholders are reminded of the SENS announcement released on 14 July 2021 relating to violence and looting in South Africa, that affected 36 of the Group's stores during the current financial year. Excluding the effect of the 36 looted stores, revenue for the third quarter for the Group was down 7% on the comparative period. This, combined with the results reported excluding looted stores in (HY2022), equates to a decrease in revenue for the year to date of 5%.
Transactions through the tills during the third quarter for the Cashbuild Group decreased by 17% to that of the comparative period, with existing stores decreasing by 19% and new stores contributing 2% growth.
Selling inflation was 8.1% at the end of March 2022 when compared to March 2021.
A revenue performance on a statutory basis per operating segment is reflected in the following table:
Revenue performance 3rd Quarter FY2022 versus 3rd Quarter FY2021 | |||||
Operating Segment | Percentage of Total Sales | Total Growth % | New Growth % | Existing Growth % | |
Cashbuild South Africa | Half Year | 80 | (12) | 2 | (14) |
Q3 | 81 | (9) | 2 | (11) | |
Cashbuild Common Monetary Areas | Half Year | 7 | 4 | 6 | (2) |
Q3 | 6 | (1) | 4 | (5) | |
Cashbuild Other * | Half Year | 5 | (4) | - | (4) |
Q3 | 5 | (19) | - | (19) | |
P&L Hardware South Africa | Half Year | 8 | (24) | 1 | (25) |
Q3 | 8 | (14) | - | (14) | |
Total Group | Half Year | 100 | (12) | 2 | (14) |
Q3 | 100 | (10) | 1 | (11) |
*Botswana, Malawi and Zambia
The improvement in revenue performance at P&L Hardware compared to HY2022, is as result of aggressive pricing during the third quarter of the current financial year.
There was no change from HY2022 in terms of store development. For the third quarter the Group has opened two new Cashbuild stores, refurbished five Cashbuild stores, relocated one Cashbuild and closed four stores (three looted Cashbuild stores and one P&L Hardware store). The total number of stores at the end of the third quarter is 317 (312 trading and 5 looted stores currently being rebuilt for reopening).
A store breakdown by operating segment is reflected in the following table:
Number of stores - end of quarter two | Percentage of total | Total | New | Existing |
Cashbuild South Africa | 73 | 231 | 9 | 222 |
Cashbuild Common Monetary Areas | 6 | 18 | 2 | 16 |
Cashbuild Other * | 4 | 13 | - | 13 |
Cashbuild DIY Pilot stores | - | 1 | - | 1 |
P&L Hardware South Africa | 17 | 54 | 1 | 53 |
Total Group | 100 | 317 | 12 | 305 |
*Botswana, Malawi and Zambia
The information contained in this operational update has not been reviewed or reported on by Cashbuild's auditors.
20 April 2022 Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
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Cashbuild Limited published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 10:24:05 UTC.
