Furnmart withstands recession while Chobe suffers

In the reporting period, revenue increased by 15.5 percent to P565.7 million, as contribution to the top line by recently established stores continued to manifest in performance.

Operating profit increased by 30.2 percent to P113.1 million, while profit before tax increased by 56.4 percent to P105.8 million. The increase is attributed to a reduction in impairments brought about by improved collections on customer accounts as well as a slow down in the numbers of stores opened, which meant lower start-up costs were incurred.