JDG - JD Group Limited - Sales and debtors update for the four months to 15
JDG
JDG
JDG - JD Group Limited - Sales and debtors update for the four months to 15
January 2010
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
ISIN: ZAE000030771
JSE code: JDG
("JD Group" or "the Group")
SALES AND DEBTORS UPDATE FOR THE FOUR MONTHS ENDED 15 JANUARY 2010
Total sale of merchandise for the first four months of trading was 2,8% down on
the corresponding period of the previous year.
The cash division (incorporating Incredible Connection and Hi-Fi Corporation)
showed a 7% overall increase in merchandise sales. Incredible Connection showed
good top line growth with December sales up a very pleasing 18%. Hi-Fi
Corporation grew sales for the period by 3% with a growth in sales of 10% over
December. Product margin at Hi-Fi Corporation remained under pressure, driven by
the very competitive environment in which it trades.
ABRA, the Group`s Polish operation, reflected a 7% decrease in sale of
merchandise in Zloty terms. However, the Rand equivalent has been adversely
affected by a 24% decline in the average exchange rate for the period, resulting
in a 29% decrease in ABRA`s sales for the four months in rand terms.
The credit chains experienced a mixed performance in top line sales. While cash
sales in this division increased year on year by 9%, credit sales were down by
11% resulting in an overall decline of 5%.
Total debtors costs decreased by 23% over the corresponding period. The decline
in debtors costs for the month of December was 28%. The improved collection
rates together with the reduced bad debts are ahead of expectation, given that
the strategy of separating retail from financial services has only been in place
for one year.
The information provided above has not been reviewed or reported on by the
Group`s auditors.
29 January 2010
Johannesburg
SPONSOR
PSG Capital (Proprietary) Limited
Date: 29/01/2010 14:00:01 Produced by the JSE SENS Department.
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