Italtile profit drops as consumers down home improvement tools
After the high of the Covid-19 lockdowns foot traffic has regressed to below prepandemic levels
13 February 2023 - 08:39
UPDATED 13 February 2023 - 19:48
Italtile, SA’s biggest retailer and manufacturer of tiles, bathroom ware and related products, reported weaker earnings as consumers cut back on home improvements amid economic uncertainty, interest rate hikes, high inflation and other economic factors squeezing their disposable income.
This also comes off the high of the Covid-19 pandemic during which the company’s brands CTM, Italtile Retail, TopT and U-Light as well as competitors such as building materials retailer Cashbuild, benefited from people spending more on home upgrades while they worked from home...
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