Adds particulars JOHANNESBURG, Nov 23 (Reuters) - South Afr
Adds particulars
JOHANNESBURG, Nov 23 (Reuters) – South African clothes and furnishings retailer Pepkor Holdings PPHJ.J on Monday posted a 34.4% fall in annual revenue as a consequence of COVID-19 buying and selling restrictions that resulted in about 5 billion rand ($325.18 million) in misplaced gross sales.
Headline earnings per share (HEPS) from persevering with operations fell to 62.6 cents within the yr ended Sept. 30 from 95.5 cents a yr earlier. Together with discontinued operations, HEPS fell by 32.3%.
Pepkor, whose manufacturers embrace price range clothes Pep Shops, Ackermans and electronics chain Unimaginable Connection, didn’t declare a dividend because the board focuses on liquidity preservation.
Coronavirus restrictions prevented retail shops from buying and selling in any respect in the course of the preliminary five-week lockdown, and the group was unable to commerce its full merchandise vary till June.
Regardless of the restrictions, general gross sales grew by 3.6% to 63.7 billion rand as a consequence of pent-up demand after the re-opening of shops from Could, and as elevated social grant funds put extra cash in customers’ pockets.
Pepkor, majority-owned by Steinhoff SNHJ.J, stated it might shut its 13 shops in Uganda “as enlargement into East Africa was now not possible”.
($1 = 15.3762 rand)
(Reporting by Nqobile Dludla; Modifying by Emma Rumney and Subhranshu Sahu)
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