SA's largest tile retailer, Italtile, has reported revenue pressure across its top brands after opportunistic importers flooded the market and financially strained homeowners held back on renovations.
The owner of brands such as CTM, TopT and Italtile Retail warned on Monday that the challenging marketing conditions were here to stay until at least the end of its financial year ended July 2024, indicating it could affect its overall profitability.
The group reported on Monday its retail turnover declined by 2.9% during the five months to end-November, while the combined manufacturing sales reported by Ceramic Industries and Ezee Tile Adhesive Manufacturers decreased by 5.9%.