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· South Africa’s Retail group Pepkor said it lost approximately R5 billion during the five weeks of the hard lockdown, according to a voluntary trading update from the company for the year ended 30 September
· The group owns clothing retailers Pep and Ackermans as well as furniture chains Russells and HiFi Corporation, among others
South Africa’s Retail group Pepkor said it lost approximately R5 billion during the five weeks of the hard lockdown, according to a voluntary trading update from the company for the year ended 30 September. The group owns clothing retailers Pep and Ackermans as well as furniture chains Russells and HiFi Corporation, among others.
The trade restrictions prevented retail stores from trading approximately R5.0 billion goods during the five-week level-5 lockdown period, the company said in a statement. Also, the t group was not able to trade in its full merchandise range until June 2020. Pepkor said the relaxation of lockdown restrictions helped boost the group’s performance for the year.
Its clothing and general merchandise segment reported an increase in revenue growth of 1.4% to R45.6 billion. In the fourth quarter of the financial year, the group reported revenue growth of 12.1%, recovering from a 15.9% decline during the third quarter as a result of the lockdown. Pep and Ackermans opened 145 new stores during the year. The furniture, appliances and electronics segment reported revenue growth of 1.4% to R9.5 billion. Its Fintech segment reported revenue growth of 20.4%, to R8.6 billion. The group’s financial results will be released on Monday 23 November 2020.
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