SA's biggest building materials retailer Cashbuild has painted a bleak picture of the state of the economy at ground level, showing struggling low-income earners and bakkie builders are continuing to pull back on home renovations and building work.
The group said in a fourth quarter operational update on Tuesday that revenue at its 308 existing stores decreased 2%, with 10 new stores contributing 2% growth. This, it said, combined with the results in the previous quarters, equated to an overall decrease in revenue of 4% for the year ended June, or a 7% fall when excluding the effects of looting of stores in the prior year.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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