Italtile FY HEPS up 9%

Italtile, a leading tile manufacturer and retailer, recently reported a slight dip in annual turnover but managed to increase full-year headline earnings per share by 9%. The CEO of Italtile, Lance Foxcroft, explained that the dip in turnover was influenced by shifting consumer spending patterns away from home improvement towards discretionary items like holidaying and dining out. Despite the challenges, Foxcroft remains optimistic about the company's future prospects. In an interview with CNBC Africa, Foxcroft discussed the various factors affecting Italtile's business and outlined the strategies the company is implementing to navigate the competitive landscape. One key area of concern for Italtile is the rising cost of tiles, which has been driven by input prices and inflation. While the company has managed to keep prices competitive, the CEO acknowledges the impact of inflation on consumer affordability. Additionally, supply chain disruptions have posed challenges for Italtile, particularly with freight costs and shipping delays. However, Foxcroft highlighted improvements in the supply chain and proactive measures taken by the company to mitigate future volatility. Italtile is also focused on sustainability initiatives, including greening its tiles and reducing its carbon footprint. By investing in solar power and exploring alternative energy sources, Italtile is aligning with the growing trend of ESG consciousness in business. Despite facing intense competition in the market, Italtile believes it has a competitive edge with its wide range of affordable and locally produced products. The company's commitment to innovation, sustainability, and customer satisfaction positions Italtile for future growth and success in the tile manufacturing and retail industry.