Cashbuild releases Q2 FY2019 update
Cashbuild Limited released its second quarter operational update for FY2019.
Revenue for the second quarter for the Cashbuild Group was up 3% on the second quarter of the prior financial year, with the 33 new stores opened or acquired since 1 July 2017 contributing 3% of the increase, whilst the 287 existing stores remained at similar levels. This, together with the growth reported in the first quarter, equates to an increase in revenue for the half year of 3%, with all growth coming from new stores. Transactions through the tills during the second quarter for the Cashbuild Group decreased by 1% (half year: 1% decrease) to that of the comparative period, with new stores increasing by 4% (half year: 4%) and existing stores decreasing by 5% (half year: 5% decrease). Selling inflation was 3% at the end of December 2018 when compared to December 2017. Gross profit margin percentage for the Group is at similar levels to those reported for the first half of the prior financial year.
During the second quarter, the Group opened six new stores, four Cashbuild and two P&L Hardware stores (half year: eight), relocated two Cashbuild stores (half year: three), refurbished nine (half year: fifteen) and one Cashbuild store was closed at the end of its lease (half year: three Cashbuild stores and three Cashbuild DIY stores), bringing the total number of stores trading at the end of the quarter to 320.