Pepkor’s sales rebound from worst of pandemic

Article by Nqobile Dludla on BizCommunity


South African retailer Pepkor Holdings reported on Friday a 13.9% rise in revenue for the nine months through June, rebounding from a low base in 2020 when it could hardly trade at all in some months due to lockdown restrictions.

Group revenue totalled R53.9bn for the nine months and included revenue growth of 8.1% reported for the six months to 31 March and revenue growth of 27.9% for Pepkor’s third quarter to 30 June.

The retailer’s shares rose 3.36% by 0841 GMT.

Pepkor, majority-owned by Steinhoff, also said it completed the refinancing of R2,5bn in term loan funding.

“This further strengthens the group’s liquidity, debt repayment profile and reduces the group’s cost of funding,” the owner of Pep and Ackermans clothing chains said.