Furniture retail, TV Sales and Home (TV Sales) in the Abridged Reviewed Interim Financial Results for the 6 Months Ended 31 December 2020, revealed how it reintroduced credit sales and used promotions, including black Friday to make 40% volume growth above the comparative period in 2019.
Axia Corporation Limited Group’s (Axia) operating business unit reported a 30% turnover in the 6 months to 31 December 2020 above the comparative period in 2019.
Axia Chairman Luke Ngwerume said, “The black Friday promotion was very successful with very pleasing volumes on the day making up a significant portion of monthly turnover.”
“The debtors’ book grew by 130% in value and collections on the book have remained good.”
Axia Chairman went on to say growth remains TV Sales’ key focus.
“The manufacturing units have continued to grow their volumes with Restapedic producing 35% more volumes than they achieved in the comparative period whilst Legend Lounge witnessed volumes growth above 100%. Plans are underway to increase the capacity of the manufacturing businesses as a way to meet product demand and to gear for export markets,” Ngwerume said.
“The business has continued to grow its store network by opening its 50th store in Mutare, which is now our largest store by trading area. This store has contributed significantly to the growth in volumes over the period.”
TV Sales is scheduled to open a new store in Ruwa in the company’s third quarter of the financial year.
Black Friday is the Friday following Thanksgiving in the United States of America, where stores offer highly promoted sales.
Zimbabwean businesses seem to be borrowing the black Friday tradition from South Africa, where Zimbabwean citizens rush for shopping during the November promotional day.
Ngwerume said, “Plans are underway to increase the capacity of the manufacturing businesses as a way to meet product demand and to gear for export markets.”
“TV Sales & Home will continue to focus on products from local suppliers as they have proved critical in the
business’ operations.”
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