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Johannesburg - Furniture retailer JD Group [JSE:JDG] posted a nearly seven-fold increase in full-year profit helped by the absence of one-off items and a slow recovery in consumer spending.
JD Group said on Monday headline earnings per share totalled 303.6 cents in the year to end-September compared with 44.4 cents a year earlier, when results were hit by a R338m tax settlement.
The company, which sells furniture and electronics, said sales rose 3% to R9.5bn, from R9.2bn.
Much of that coming in the second half of the financial year and the company said it was optimistic about the year ahead.
"The performance of the group over the past six months gives reason for an optimistic outlook for the forthcoming year," it said in a statement.
Retailers in South Africa, which emerged from a recession in the third quarter of last year, have been squeezed as their customers battle with unemployment and high debt.
But the slow economic recovery and interest rates at the lowest since 1980, have inspired some retailers to make upbeat calls for consumer demand in the coming year.
Shares in the company are up around 7% so far this year, underperforming a 13% rise in the JSE All-share index.
JD Group said on Monday headline earnings per share totalled 303.6 cents in the year to end-September compared with 44.4 cents a year earlier, when results were hit by a R338m tax settlement.
The company, which sells furniture and electronics, said sales rose 3% to R9.5bn, from R9.2bn.
Much of that coming in the second half of the financial year and the company said it was optimistic about the year ahead.
"The performance of the group over the past six months gives reason for an optimistic outlook for the forthcoming year," it said in a statement.
Retailers in South Africa, which emerged from a recession in the third quarter of last year, have been squeezed as their customers battle with unemployment and high debt.
But the slow economic recovery and interest rates at the lowest since 1980, have inspired some retailers to make upbeat calls for consumer demand in the coming year.
Shares in the company are up around 7% so far this year, underperforming a 13% rise in the JSE All-share index.
