Africa: Trading Statement – Pepkor Buoyed By Demand for Furniture and Electronics

The Steinhoff-owned retail group Pepkor has reported a strong rise in demand for furniture and electronics, but it has also grown its share of the clothing market.
Pepkor appears to have been a net beneficiary of Covid-19 as consumers continue to shop down while strong demand for electronics and furniture has made up for softer growth in apparel after the school year got off to a later start due to the second wave of the pandemic.
The retail group, which is majority-owned by Steinhoff International, expects to report a decent rise in first-half earnings as South Africans kitted out home offices and studies so they could continue to work and study from home. According to data from Retailers’ Liaison Committee, it has gained market share in nearly all its retail brands.

While it had to deal with restrictions imposed to deal with the second wave of Covid-19, a trading update for the six months to 31 March shows sales of clothing and general merchandise still increased by 8.1% to R26.3-billion, supported by strong performances at Pep and Ackermans.
Its speciality business, which includes the Tekkie Town, Refinery, Dunns and Shoe City chains, benefitted from demand…

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