Italtile forecasts drop in profit amid weak consumer confidence
The industry has suffered since the boom in home improvement during the Covid-19 pandemic
Italtile, SA’s biggest retailer and manufacturer of tiles, bathroomware and related products, has warned that its profit is likely to decrease in its current financial year as weak economic growth and tough trading conditions persist.
“In the absence of strong sales volumes and optimal use of manufacturing capacity, the business’s cost base and profitability will be negatively affected,” the company, valued at about R14.5bn, said on Monday in a voluntary sales update for the five months to end-November...
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