No pep in consumers’ step as Pepkor takes a knock
Pepkor’s trading performance weakens in fourth quarter, and Massmart plans to close Dion Wired stores
The poor state of the economy, which has forced consumers to cut back on hardware, furniture and electronics, took its toll on Pepkor’s trading performance in the year’s peak trading period.
In the December quarter, sales income was up 7.2% at R20.9bn compared with those of 2018's matching quarter. The increase was largely due to increased revenue from clothing in Pep and Ackermans brands. Like-for-like sales in the JD Group — housing furniture brands Russells, Bradlows and Rochester as well as electronics retailers HiFi Corp and Incredible Connection — were down 0.7%. New stores included, overall sales rose 3.2%...
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