| Thu 26 Jan 2012, 7:05 | | JDG - JD Group Limited - Sales and debtors update for the four-month period |
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JDG
JDG
JDG - JD Group Limited - Sales and debtors update for the four-month period
ended 31 December 2011
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-MONTH PERIOD ENDED 31 DECEMBER 2011
The Furniture Retail division grew cash sales by 9.8%, when compared to the
previous corresponding period, with overall sales increasing by 3.6%. New
applications for credit grew by 8% over the period, however, the acceptance rate
declined from 73.3% to 68.4% due to the over-indebtedness of the consumer.
Trading was negatively influenced by the roll-out of the SAP inventory system
and the change in financial reporting month-end. This was particularly evident
in the first two months of the period.
Total merchandise sales for the festive season (November and December) at the
Furniture Retail division increased by 6.5%, when compared to the previous
corresponding period. This period saw an increase in credit applications of
17.4%, but acceptance rates declined from 74.5% to 69.0%.
The Cash division, incorporating Incredible Connection, Hi-Fi Corp and
SteinBuild, grew top-line sales marginally , when compared to the previous
corresponding period. The division did achieve satisfactory volume increases but
this was offset by continued price deflation in the consumer electronic and
technology categories. Operating margins continued to improve.
The Financial Services division continues to make good progress, achieving
excellent collection rates and a decline in arrears. Bad debts written off
declined by 17% over the four months, when compared to the previous
corresponding period.
The Automotive division experienced 19.1% growth in unit sales, which translated
into top line sales growth of 19.4%, when compared to the previous corresponding
period.
Blake traded in line with expectation.
The Group expects to release its results for the four-month period ended
31 December 2011 on or about Monday, 20 February 2012.
The information provided above has not been reviewed or reported on by the
Group`s independent auditors.
26 January 2012
Johannesburg
SPONSOR
PSG Capital (Proprietary) Limited
Date: 26/01/2012 07:05:01 Produced by the JSE SENS Department.
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