Pepkor Group sales plummet 17% in lockdown quarter
The lockdown in April cost Pepkor an estimated R5bn, and with consumers’ spending curtailed, it anticipates a tough time ahead
Retail group Pepkor, which owns Ackermans, HiFi Corporation and Pep, said on Friday that it is “expecting a constrained retail environment over the next 18 months”. Its nine-month sales to the end of June fell 1.5% to R52.3bn.
Revenue from April to June declined by 17.2% year on year, indicating just how much the lockdown affected its clothing, furniture, building and consumer electronics business. By contrast, it achieved income growth of 6.5% for the six months to end-March.