New applications for credit grew by 8% over the period, however, the acceptance rate declined from 73.3% to 68.4% due to the over-indebtedness of the consumer.
The company said trading was negatively influenced by the roll-out of the SAP inventory system and the change in financial reporting month-end.
"This was particularly evident in the first two months of the period," it added.
Total merchandise sales for the festive season (November and December) at the furniture retail division increased by 6.5%, when compared to the previous corresponding period.
This period saw an increase in credit applications of 17.4%, but acceptance rates declined from 74.5% to 69.0%.
The group's cash division, incorporating Incredible Connection, Hi-Fi Corp and SteinBuild, grew top-line sales marginally, when compared to the previous corresponding period.
The division did achieve satisfactory volume increases but this was offset by continued price deflation in the consumer electronic and technology categories, it said.
Operating margins continued to improve.
"The financial services division continued to make good progress, achieving excellent collection rates and a decline in arrears. Bad debts written off declined by 17% over the four months, when compared to the previous corresponding period," the company said.
Its automotive division experienced 19.1% growth in unit sales, which translated into top line sales growth of 19.4%, when compared to the previous corresponding period.
The company expects to release its results for the four-month period ended 31 December 2011 on or about 20 February.
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