Italtile expects headline earnings to rise at least 70% in its year to end June, should trading conditions persist
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.
Italtile reinstates R800m worth of expansion projects
By Sandile Mchunu
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DURBAN - ITALTILE – whose brands include CTM, Italtile Retail, TopT and U-Light – has reinstated R800 million worth of expansion capital projects that were temporarily deferred due to the lockdown and trading restrictions in the first half of the 2020 financial year.
As a result, the group said yesterday it had incurred R359m of capital expenditure in the six months to the end of December, up from R340m compared with last year.
Chief executive Jan Potgieter said the group would continue to roll out capital expenditure projects, with R450m committed for the second half of the 2021 financial year, and would open new stores where proven demand existed.
Italtile shares take a leap on favourable trading update
By Sandile Mchunu
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Italtileâs share price gained almost 4 percent on the JSE after the group revised its earnings up for the six months to end December.
The manufacturer, franchisor and retailer of tiles, bathroom-ware and other related home-finishing products said in its second trading update that it expected its headline earnings per share (Heps) to increase by between 33 and 43 percent, to be between 73.5 cents a share and 79.1c compared to 55.3c reported last year.
The groupâs retail sales include those reported by brands such as CTM, Italtile Retail, TopT and U-Light and are represented through a network of 198 stores, including six webstores.