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Steinhoff International, with majority stakes in Africa’s biggest apparel retailer, Pepkor, as well as Pepco in Europe, says easing Covid-19 restrictions helped with a double-digit rise in core profit in its 2022 financial half year, but it expects pressure on consumers to increase in coming months along with interest rates.

Group revenue from continuing operations grew 12% to €5.15bn  (R86.4bn) in the six months to end-March, with core profit rising 13% to €760m, the latter driven mainly by a stellar performance from Pepkor, whose continued expansion resulted in it adding a net 108 new stores, while also carving out more market share...

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