Financial Results 2003
Annual Report 2003
- Sales exceeded R20 billion for the first time, almost doubling since listing three years ago.
- Record sales, trading profits and pre- and post-interest trading margins from all divisions.
- Comparable store and comparable member sales grew 17,6% and 19,5% when adjusted for the 53rd week in the previous year.
- Non-South African sales of R1,4 billion.
- Excellent expense control resulted in record Group pre- and post-interest operating profits of 3,67% and 3,49% of sales respectively.
- Return on equity improved from 27,6% to 31,2%.
- Last year’s Furnex acquisition was fully integrated.
- Builders Warehouse and Tile Warehouse were acquired in March 2003.
- The appointment of a non-executive chairman and three independent non-executive directors ensured greater compliance with the King II Report on Corporate Governance.
|Annual Report 2003 - Print Options (pdf)