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.
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