Pepkor posts13.8% growth in revenue

RETAIL group Pepkor, previously Steinhoff Africa Retail Limited, posted 13.8 percent growth in revenue to R48.9 million in the nine months to June, aided largely by its furniture and consumer appliances as well as its speciality fashion and footwear brands divisions.

The group increased retail space by 5.4 percent with the opening of 148 new stores during the period, comprising 91 Pep outlets and 57 Ackermans stores.

In a SENS announcement yesterday, the group said Pep Africa, comprising 4 percent of group revenue, continued to face challenging operating conditions, in addition to deflation.

The speciality fashion and footwear brands chalked up growth of 14 percent and likefor-like growth of 7.4 percent in aggregate.

“The interim management team at Tekkie Town has successfully stabilised the business, and operations continue to operate in line with expectation,” the group said.

It said merchandise sales growth of 10.7 percent was achieved in the furniture, consumer electronics and appliances brands, notwithstanding difficult trading conditions in the durables market.