Prior to the Covid-19-induced lockdown, the local retail industry was already feeling the pinch of lower consumer spending and weak economic growth.

However, Pepkor (which is, for now, majority held by Steinhoff) reported a relatively resilient set of numbers for the six months ended March. These results were affected by the adoption of IFRS 16, the new accounting requirements for lease accounting, and for the six-month period headline earnings showed a drop of 13.6% to 44.3c a share...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now