Pep and Ackermans give Star a boost
CEO Ben la Grange says real market growth is likely to be subdued, but positive sales momentum is expected to continue as the company’s more affordable offer resonates with constrained consumers
Star, the JSE-listed holding company of Pep, Ackerman and other retailers unbundled from Steinhoff on September 20, released its first financial results as a standalone group on Monday morning."As communicated during the listing process, Star was only listed for 11 days during the 2017 financial year and thus no further dividend will be declared for the reporting period," the company said in its statement.Star’s first results compare 12 months against 15 months because it changes its financial year end to September from June.Comparing the year to end-September 2017 against the matching period in 2016, Star said its revenue grew 13.2% to R58.6bn."Revenue growth was largely attributable to Pep and Ackermans, which, in aggregate, account for 85% of the discount and value division’s revenue," Star CEO Ben la Grange said in the results statement."Like-for-like revenue growth of 6.5% was achieved by Pep and Ackermans in aggregate, influenced by a weaker fourth quarter. Within product cate...
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