The strategy of the right stock at the right time together with improved distribution helped Italtile to deliver solid year-end results, despite limited demand for home improvement supplies in some regions. The JSE-listed tile and bathroomware retailer said the solid performance for the year to June was as a result of a robust balance sheet, which facilitated higher levels of inventory to support increased turnover. Inventory levels rose to R339 million compared with R241m in the same trading period last year. Overall, the group reported a 16 percent rise in turnover to R3.52 billion.
Headline earnings a share gained 18 percent to 41.1c and CTM declared a final dividend of 7c a share. The shares closed 6.2 percent lower at R6.10
. – Nompumelelo Magwaza To read the full story go to www.br.co.za