Italtile revenue dips as home improvement craze dwindles
Joining CNBC Africa for a breakdown of the company’s earnings is Lance Foxcroft, CEO at Italtile.
Thu, 10 Feb 2022 11:20:13 GMT
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AI Generated Summary
- Italtile reports a slight decline in revenue amid a changing market landscape and reduced demand for home improvement products.
- The company is focused on driving growth through innovation, productivity improvements, and cost management strategies.
- Italtile is exploring import substitution opportunities and expanding into African markets to support local economies and enhance its product range.
Italtile, a leading home improvement retailer in South Africa, has reported a decline in revenue as the once booming home improvement craze shows signs of dwindling. The company's CEO, Lance Foxcroft, joined CNBC Africa to discuss the company's recent earnings report. The numbers reveal a total turnover of 6.1 billion Rand compared to 6.2 billion Rand in the previous period, with a marginal increase in trading profit. Despite facing challenges in the current market environment, Italtile remains focused on innovation and productivity to drive growth. Amid concerns over rising inflation and global supply chain disruptions, Italtile has managed to control costs and maintain strong customer demand. The company is also exploring import substitution opportunities to support the local economy and enhance product offerings. With a strategic focus on expanding into African markets, Italtile aims to continue its growth trajectory while remaining cautious in its approach.
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