FILE PHOTO: Pep Stores

SOUTH African retailer Pepkor Holdings said on Wednesday half-year earnings were expected to rise by at least 20%, supported by growth at its discount clothing business and a reduction in net debt and finance costs.

South African clothing retailers have been hit as a second wave of COVID-19 infections and job losses constrain discretionary spending.

However, Pepkor, majority-owned by Steinhoff , is faring better than others with its focus on budget-conscious consumers, including more than 17 million South Africans on welfare and special COVID-19 grants.

Headline earnings per share (HEPS), the main profit measure in South Africa, from continuing operations were seen rising by 9.1 cents in the six months ended March 31 from 45.6 cents a year earlier.

  • Reuters
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