INTERIM TURNOVER
Trading hardship continues for Italtile
Italtile says weak trading conditions in the second half of the financial year persisted in the 19 weeks from July 1 to November 10. This meant "subdued investor sentiment and constrained consumer discretionary spend remained key features" of sales. Total consolidated "system-wide turnover" in the period was R2.8bn, amid tight markets, it reported on Thursday. System-wide turnover is defined as the aggregate of the group’s consolidated turnover — total sales by group-owned entities and corporate stores, excluding sales from owned supply-chain businesses to corporate stores — and the turnover of franchisees of the group. Group-owned entities’ sales include Ceramic Industries and Ezee Tile Adhesives Manufacturing from October 2, following the recent acquisition of Ceramic. Italtile holds a 95.47% stake in the business and an effective 71.54% in Ezee Tile. "Their contribution to total system-wide turnover for the specified period was R561m — including sales to corporate stores," the gr...
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