Open letter to South Africa’s students‚ universities and government‚ represented by Minister in the .
Lihle Z Mtshali
Trading conditions were tough, but furniture retailer Ellerine Holdings says its operating profit is up 15percent to R1,4billion.
High interest rates and increased national household debt have resulted in less spending at credit retailers by consumers but Ellerines' revenue for the year was 9percent higher at R8,3billion.
"Group sales of merchandise at R5,3billion increased by 6percent over the previous year and reflects some of the toughest trading months experienced by the group over the past three years," the retailer said.
It said its gross profit margin at 44,7percent remained unchanged from last year, with operating expenses 3,5percent higher.
The company said it expected an improvement in earnings in the next financial year.