JD Group sales down

JD Group said on Tuesday that total sale of merchandise for the first four months of trading were 4.8% down on the corresponding period of the previous year.

For the four months to January 15, the cash division showed a 6.7% overall increase with Incredible Connection and Abra showing excellent top line growth. Most gratifying was the increase in product margin at Hi-Fi Corporation, the group said. The credit chains traded at 86.9% of the corresponding period.

"Our entry level brands - Price `n Pride and Barnetts - faired better than the universal chains," the group said.

Revenue for financial services showed a year-on-year decline of 4.6% with the provision for bad debts continuing to move out. Receivable arrears as a percentage of gross receivables stands at 10.6% compared to 10.2% at the August 31, 2007 year-end.

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