Value retail group Pepkor reported a more than 20% rise in headline earnings per share on Tuesday, despite floods in KwaZulu-Natal and the riots of July 2021 having weighed on its revenue growth. The retailer, which owns Pep and Ackermans stores said headline earnings per share jumped 20.1% to 162.2 in its 2022 financial year through to end-September. It said normalised earnings per share increased 15%.7 to 150.7 cents.
The group expects that 37 stores will only be opened again in its next financial year. The KwaZulu-Natal floods in April this year also negatively affected the group, flooding its Pep distribution centre, which makes up 40% of Pep’s total distribution capacity. The damage to its distribution centre in KwaZulu-Natal resulted in stock shortages in stores, leading to R460 million in lost sales. The total loss suffered is estimated at R800 million, the company said.