ITALTILE said yesterday headline earnings would increase by 74-81 percent to 137.6 – 143.3 cents per share in the year to June 30, from 79.2 percent the previous year.
Subsequent to year-end, the group had closed all OF its 18 stores in KwaZulu-Natal for 10 days, as well as 16 stores in other hot spots for shorter periods of time, the group said in a business update.
Two TopT stores in Orange Farm and Spruitview in Gauteng were looted and destroyed.
In addition to the closures, numerous stores were temporarily closed throughout July 2021 due to positive Covid-19 cases that occurred during the third wave of the pandemic.
Subsequent to year-end, up to July 10 2021, the business had recorded 14 percent growth in sales. Thereafter, sales trended down for most of July, recovering only slightly in the last week, and finally ending on 5 percent growth for the month.
Considering the damage caused to most of the major retailers in the building industry, the Ceramic Industries subsidiary was expected to experience some upside in sales over the next few months and possibly up to one year, as customers restock in the aftermath of the unrest.
BUSINESS REPORT