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Second quarter hardware revenues decline for building material and hardware group Cashbuild

Cashbuild’s revenue fell 5 percent for the second quarter ended December 26, 2021 compared with the same time a year previously, excluding the results of 36 looted stores, the building material and hardware group said in an operational update yesterday. Picture Simphiwe Mbokazi

Cashbuild’s revenue fell 5 percent for the second quarter ended December 26, 2021 compared with the same time a year previously, excluding the results of 36 looted stores, the building material and hardware group said in an operational update yesterday. Picture Simphiwe Mbokazi

Published Jan 27, 2022

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CASHBUILD’S revenue fell 5 percent for the second quarter ended December 26, 2021 compared with the same time a year previously, excluding the results of 36 looted stores, the building material and hardware group said in an operational update yesterday.

This, combined with the results of the first quarter, equated to a decrease in revenue for the half year ended December 26, 2021 of 5 percent compared to the prior half-year ended December 27, 2020.

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If one compared the 305 existing stores (in existence prior to July 2021 when stores were looted in KwaZulu-Natal and parts of Gauteng), revenue decreased by 13 percent while the 12 new stores contributed 2 percent to revenue.

This, combined with the results reported in the first quarter, equated to a decrease in revenue for the half-year of 12 percent compared to the prior half-year, using the 305 stores as comparison.

Transactions through the tills in the second quarter fell by 18 percent, while it was 21 percent lower through the half-year.

Selling inflation was 8.8 percent higher at the end of December 2021 when compared to December 2020.

Since the looting, 26 Cashbuild and three P&L Hardware stores of the 36 stores that had been looted have reopened for trading.

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