Integrated Annual Report 2025

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Review of operations

Retail brands

Overview and performance matrix

ITALTILE RETAIL

Nature of business

Leading retailer of exclusive fashionable ranges of tiles, bathroomware and related products.

Strategic positioning Target market Footprint
Live beautifully.
  • LSM 8 – 10.
  • Discerning consumers in the upper-middle and premium‑end segment and commercial projects market.
 15 stores (2024: 16) including one webstore National commercial division focused on projects
0 stores opened (2024: 1)
0 stores revamped (2024: 1)
1 store closed end FY2025 (2024:0)
Key performance indicators Trends 2025 Trends 2024
Sales up left right
Average basket growth left right left right
Average selling price down up
Margins left right left right
Net profit up down
Stock turn up up
Average store inventory up down
 
Key differentiators
  • Trendsetter and leading buyer of exclusive high-quality fashionable international and local products.
  • Widely recognised as the industry front-runner in environmentally sensitive products.
  • Well-established specialist expertise and nationwide network.
2024/25 priorities Scorecard
  • Continue procurement of quality, fashionable product.
 cross
  • Improve market share, specifically in the commercial projects market.
 cross
  • Establish and grow the new Gqeberha store.
 cross
  • Develop management depth for future growth.
 cross
  • Improve stock turn and enhance stock management.
 cross
2024/25 major achievements 2025/26 priorities and prospects
  • Hot stock (previously 'toxic stock') further reduced.
  • Group-wide stock turn increased to 4x as at end June 2025.
  • Two new, high-calibre store managers developed, and integrated into the business.
  • Increased productivity per head by 6%.
  • Transport model fully self-sustainable.
  • Introduction of competitive and comprehensive slab range.
  • Retained margin in a highly strained and competitive market, predominantly through better buying.
  • Roll out advanced selling skills training for experienced retail consultants in conjunction with ongoing interior design training.
  • Increase productivity per employee by 5%.
  • Drive sales and net profit growth.
  • Continue to differentiate in the market through service, quality and fashion.
  • Further reduce hot stock by 10%, and improve stock turn.
  • Develop a minimum of two new, high-calibre store managers.
  • Grow tile sales revenue and/or volume.
  • Grow Bathshop contribution.
  • Webstore growth.
  • Grow commercial market share.
  • Further drive logistics/product management via analytics.
  • Cost leadership, i.e. reduction at every opportunity.

Retail brands

Overview and performance matrix

CTM

Nature of business

Leading specialist retailer of tiles, laminate and vinyl flooring, taps, sanitaryware, shower enclosures, bathroom furniture and accessories.

Strategic positioning Target market Footprint
Big savings. More style.
  • LSM 5 – 8.
  • Middle-income DIY customers and small builders.
 74 stores (2024: 74) in South Africa and
25 (2024: 25) in the rest of Africa
Corporate: 65* (2024: 66)
Franchised: 34 (2024: 33)
2 stores opened (2024: 1)
1 in Malelane and 1 webstore in Namibia
2 closed (2024: 3) in Dobsonville and Maun
* Includes 5 webstores. (2024: 4)
Key performance indicators Trends 2025 Trends 2024
Sales down down
Average basket growth down up
Average selling price down up
Margins down down
Net profit down down
Stock turn down down
Average store inventory up down
Key differentiators
  • Local and international buying power.
  • Quality products with strong fashion component.
  • Integrated supply chain ensuring consistent availability of stock.
  • Outstanding customer experience in brick-and-mortar and online stores.
  • Strong brand heritage and consumer trust.
2024/25 priorities Scorecard
  • Develop our people and depth of talent across the business.
 tick
  • Maintain our employee engagement score to ensure good performance of our teams.
 tick
  • Grow market share by prioritising our customer-centric retail excellence disciplines to delight our customers with an unparalleled shopping experience.
 cross
  • Continue to focus on the product offering aligned to our market segments.
 tick
  • Improve operational efficiencies and consistent in-stock levels of business-critical products.
 tick

2024/25 major achievements

2025/26 priorities and prospects
  • Maintained our employee engagement score to ensure our teams continue to perform well.
  • Improved operational efficiencies and consistent in-stock levels of business-critical products.
  • Improved the product offering aligned to our market segments.
  • East Africa achieved turnover and profit growth despite difficult trading conditions. Our quality-value messaging was communicated better in the market, and in-stock levels, ranges and pricing ladders improved.
  • Launched CTM's pivotal customer satisfaction programme, CTM Xperience, to enable and inspire employees to deliver exceptional customer service.
  • Fully satisfy customers through CTM Xperience initiative as measured through NPS and Google review scores.
  • Improve people pipeline in stores and strengthen the skills of our team members.
  • Entrench development of sales skills in the CTM culture.
  • Grow tile volumes and gain market share.

Retail brands

Overview and performance matrix

TopT

Nature of business

Retailer of home-finishing products including tiles, paint, ceiling décor, taps, sanitaryware, laminate flooring, window blinds, tile adhesives and accessories.

Strategic positioning Target market Footprint
Every price a LOW price.
  • LSM 4 – 7.
  • Entry-level value offering strategically situated in underserviced rural areas and outlying markets in close proximity to urban townships.
 96* stores (2024: 93*) in South Africa.
Corporate: 59* (2024: 53*)
Franchised: 37 (2024: 40)
4 stores opened (2024: 2)
1 store closed (2024: 2)
2 stores relocated (2024: 3)
* Includes one webstore
Key performance indicators Trends 2025 Trends 2024
Sales up up
Average basket growth up up
Average selling price up up
Margins down up
Net profit up lr
Stock turn up down
Average store inventory down up
Key differentiators
  • Low-cost model.
  • Flexible, opportunistic home-finishing product range.
  • Affordability and availability of stock and accessibility to market.
  • Strong community relationships and local marketing.
2024/25 priorities Scorecard
  • Gain market share in our segment.
 tick
  • Open five new stores and close non-performing stores.
cross
  • Improve core range and business-critical in-stock levels.
 tick
  • Continue to build the leadership pipeline at regional and store operator levels.
 tick
  • Grow contribution of sanitaryware sales to total sales.
 tick
  • Roll out the new look-and-feel in targeted merchandise categories.
 cross
  • Adopt a bespoke community project in each store to enhance our strong local community relationships and build customer goodwill.
 tick
2024/25 major achievements 2025/26 priorities and prospects
  • Building a store leadership pipeline through our Trainee Manager Programme.
  • Appointed the TopT 2IC.
  • Despite the extremely competitive market, sales and volume grew by 3%.
  • Bathroom Boulevard sales increased year-on-year. The project to increase allocation of prime retail space for these products was rolled out nationally.
  • Improve store leadership pipeline.
  • Expand customer payment method options.
  • Continue to grow tile volume sales.
  • Regain lost paint market share through our new partnership with O'Grady's.
  • Grow the Bathroom Boulevard sales contribution in all stores.
  • Open new stores.
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ITALTILE LIMITED Integrated Annual Report 2025

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