Double-digit growth for Italtile as home improvement gains popularity

News24
16 Apr 2021, 23:43 GMT+10

JSE-listed bathroom ware retailer Italtile said total retail store sales improved by 18.5% for the nine months to end March 2021.

Italtile has a retail division and manufacturing division. Italtile's retail brands are CTM, Italtile Retail, TopT and U-Light. And the manufacturing division comprises Ceramic Industries Proprietary Limited and Ezee Tile Adhesive Manufacturers Proprietary Limited.

In an update to shareholders on Friday, Italtile said manufacturing sales for the period increased by 25.4% compared to the previous corresponding period.

The group reported double-digit growth across all of its operations, namely the retail brands, supply chain importers and manufacturing businesses.

The group attributed its strong performance in the first half of the current financial year continued into the third quarter ended 31 March 2021 to the work- and school-from-home trend precipitated by the pandemic, which boosted demand for home improvement products.

According to data released by Statistics SA, retail sales increased by 2.3% year-on-year for February. With a 17.3% increase, the most significant contributor were retailers in household furniture, appliances, and equipment.

READ | Spar not on Tops with liquor sales, but cements profits with building materials

The group expects headline earnings to rise at least 70% in its year to end June, should trading conditions persist.

Source: News24

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