Pepkor Holdings profits fall 34% but gains 'significant' market share
Pepkor Holdings profits fell by 34% in the year to 30 September 2020, the company announced on Monday.
Right now, trending on The Money Show:
The Steinhoff-owned budget clothing behemoth says it has gained “significant” market share in the clothing, footwear, homeware, and cellular segments.
The company’s sales grew by 3.6% (to R63.7 billion) in the year to the end of September.
Headline earnings per share (HEPS) fell by 34.4% (to 62.6 cents).
It reported losses of R3 billion after write-downs of R4.8 billion.
The company reduced its net debt by R6.9 billion (to R7.1 billion).
The Money Show’s Bruce Whitfield interviewed Leon Lourens, CEO at Pepkor Holdings.
We lost R5 billion of revenue during the first five weeks of lockdown…Leon Lourens, CEO - Pepkor Holdings
A lot of people bought down into our segment of the market… our market got additional social grants…Leon Lourens, CEO - Pepkor Holdings
Just after lockdown, queues were very long… It’s our purpose to make lives better… when the economy is under pressure…Leon Lourens, CEO - Pepkor Holdings
We expect sales this Black Friday to be slightly less than last year… We’re driving digital platforms hard… important this year because of Covid infections… shopping online is safer.Leon Lourens, CEO - Pepkor Holdings
We’re not sure what Steinhoff’s plans are… We’re operating soundly…Leon Lourens, CEO - Pepkor Holdings
When Covid hit… we cut back on store openings. But not with PEP and Ackermans… there we continue to expand…Leon Lourens, CEO - Pepkor Holdings
Listen to the interview in the audio below.
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