Cashbuild revenues decline by 12 per cent

The South African DIY store group Cashbuild reports a declined revenue by 12 per cent to ZAR 5.889 bn (EUR 343 mio) for the last six months of 2021 compared to the same period in the previous year. During the second half of 2021, the group opened two new Cashbuild stores, refurbished five and relocated one.

During the period, 36 (32 Cashbuild and four P&L Hardware) stores across the Group were impacted by unrest and looting, which led for some of them to the scrapping of various categories of property, plant and equipment and inventory. Three looted Cashbuild stores and one P&L Hardware store were closed at the expiration of their lease agreements. 25 Cashbuild stores and three P&L Hardware stores that were looted have since been reopened.

Cashbuild will continue its store expansion, relocation and refurbishment strategy in a controlled manner, applying an even more rigorous process, due to the Covid-19 pandemic and associated economic uncertainties, the company underlines. As of the end of 2021, the Group operated 317 stores, which includes 263 Cashbuild stores and 54 P&L Hardware stores.

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