Retailer to open 8 to 10 new stores

A South African-based building materials retailer plans to open eight to 10 new stores between January and June this year, it said on Monday.

"CashBuild will continue its store expansion, relocation and refurbishment strategy in a controlled manner," it said in its interim results report.

It earlier reported a 15% increase in revenue to R2bn with 17 new stores contributing 6% to the increase and the operating profit growing 21% to R111,1m.

Diluted headline earnings per share rose 28% to 344,4 cents for the interim period to December.

An interim dividend of 101 cents was declared.

The group said the results were boosted by a favourable December trading period.

The group's total chain stores at the end of the period numbered 166.

South African building materials retailer CashBuild Limited's (CSB) share price lifted quite sharply just a few minutes after its interim results were released, bucking the negative
trend in the market.

A few minutes after its results were released, its share price rose 1,13% and it continued to gain momentum, collecting over 6% in less than half an hour.

Its share price was last up R3, or 6,82%, at R47, while both the JSE's broader all share index and the industrials index were down over 3%. – I-Net Bridge

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