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JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009108/06)
Share code: JDG ISIN code: ZAE000030771
("JD Group")
Trading update for the first four trading months to December 2002
This trading update is being made to in accordance with JD Group`s policy of
increased disclosure. The company will be making a trading statement every
January, the precedent having been set in 2002.
Total merchandise sales in South Africa for the four months to December 2002
grew strongly by 10% to R990 million, compared to R900 million for the same
period last year. This sales growth was ahead of expectations and well ahead of
inflation at around 6% to 8% in South Africa on the range of merchandise sold by
the group. With deflation on certain brown goods, sales volumes were therefore
up significantly. The sales mix was broadly similar to last year. Cash sales
varied between 16% and 17% of total sales, much in line with the trend
established during the third quarter of last year.
Trading was strong across most the brands in South Africa, with notably good
performances in Gauteng, KwaZulu-Natal and the Free State. It was particularly
pleasing to report a very marked improvement in performance at Price `n Pride
where sales grew close to 40%. This vindicates the steps we took last year in
repositioning the brand.
Sales growth in Poland was satisfactory at around 8%. Performance in the United
Kingdom was slightly below expectations but the medium-term prognosis remains
very positive with exponential growth expected.
All other income of the Group increased strongly, bringing total revenues to
R1,55 billion, up 13%.
There have also been improvements in both gross and net profit margins. Expenses
have been very well maintained and in the South African operations increased by
only 5%, well below inflation.
The balance sheet remains in good shape. Debtor collection was strong with the
average length of the book having fallen to below 15 months.
During the period Bradlows closed three stores and Electric Express closed one
store. Meanwhile, Joshua Doore opened one store and Abra and BoConcept opened
two stores each.
We expect that trading conditions will continue to be reasonably buoyant.
Consumer confidence is resilient with the prospect of lower interest rates later
in the year and a relatively stable job environment. With JD Group`s well-
established and powerful brands and ongoing total focus on customer
satisfaction, we remain confident about trading prospects for the remainder of
the year.
The company will be making an announcement imminently providing details behind
the acquisition of Profurn.
20 January 2003
Enquiries:
JD Group Limited Tel: + 27 11 408 0213
David Sussman, Group Executive Chairman
Jan Bezuidenhout, Director Corporate Services
College Hill Tel: + 27 11 447 3030
Nicholas Williams
Robyn Hunt
Abra
BoConcept
Bradlows, The Bradlows Difference
Electric Express, We`ve got the power
Joshua Doore, you`ve got an uncle in the furniture business
Price `n Pride
Russels
Date: 20/01/2003 07:03:00 AM Produced by the JSE SENS Department
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