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Building hardware retail company Cashbuild Group [JSE:CSB] announced an increase in its revenue in its first quarter for the financial year 2020 on Monday morning- but only thanks to its new stores.
The company announced a 2% increase in revenue over the quarter.
"Revenue for the Cashbuild Group was up 2% on the first quarter of the prior financial year, 14 new stores opened since 1 July 2018 contributed (the full) 2% of the increase, whilst the 303 existing stores remained at similar levels," the statement said. Product prices in its stores were 3% higher than a year go.
The SENS statement said the gross profit margin percentage for the group remained at similar levels to those of the same quarter of the prior year.
The statement said during the quarter the group added three new PL & Hardware stores, opened a new Cashbuild store, refurbished one Cashbuild store and closed one Cashbuild store at the expiration of its lease agreement. This brought the total number of stores trading at the end of the quarter to 317.
In September the company announced results for the year to end-June which showed a 6% increase in revenue to almost R11 billion, but excluding new stores, sales only rose by 3%.
By midday, its share price was flat at R211,84.
