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Pepkor profits hit by poor summer fashion mix, cash-strapped consumers | Business

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PEP and Ackermans-owner Pepkor reported a double-digit fall in earnings as cash-strapped South Africans focused on buying essentials and held back on discretionary items such as clothing. | News24_Business

PEP and Ackermans-owner Pepkor reported a double-digit fall in earnings on Tuesday as cash-strapped South Africans focused on buying essentials and held back on more discretionary items such as clothing.Performance in Ackermans was negatively impacted by the suboptimal merchandise mix in its summer 2022 range. Corrective action was implemented within the confines of product lead times, and improved performance should be visible towards the end of winter and in summer 2023.

The company said it the group's total share of the South African clothing market continued to exceed pre-Covid-19 levels, while it sold seven out of 10 prepaid handsets in the country. Pepkor also said"further progress was made from a portfolio optimisation and capital allocation perspective" flagging that its Dealz discount brand had been closed down during the period and that PEP Africa planned to exit from Nigeria.

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