Pepkor’s shares rise on improved conditions, Newsline

DURBAN – PEPKOR Holdings’ shares closed more than 7 percent higher on the JSE on Friday after the retail group said trading conditions had improved since the relaxation of the national lockdown, with revenue up 1.9 percent to R70.9 billion for the year to the end September.

Pepkor shares closed 7.31 percent higher at R14.10. Revenue during the year increased despite taking a R5bn hit during the five-week level 5 lockdown as a result of trade restrictions that prevented retail stores from trading.

The group said further trading restrictions resulted in the group not being able to trade in its full merchandise range until June.

Its clothing and general merchandise segment reported a 1.4 percent increase in revenue to R45.6bn, which included revenue growth of 12.1 percent during the fourth quarter, recovering from a 15.9 percent decline reported during the third quarter.

Pep and Ackermans in aggregate reported an increase in sales of 2.6 percent, with a decrease in like-forlike sales of 0.5 percent for the year.

Pep and Ackermans opened 145 new stores during the period. The group will release its full-year results on November 23.