Lockdowns – whether in South Africa, Australia or the UK – have exacted a heavy toll on retailers. Add riots, electricity shortages and poor consumer sentiment, and it’s clear that South African retailers have their hands full.
The rise is not massaged by poor results in the previous period. On the contrary, in third quarter 2021, the value retailer – which includes Miladys, Mr Price Sport and Mr Price Home – grew its sales by 5.8%, well ahead of the market, which declined by 3.6%, according to the Retailers’ Liaison Committee.
“Mr Price and Foschini are defensive businesses that fare well in tough economic times,” says Zinhle Mayekiso, an equity analyst with Anchor Capital. Supporting this is the fact that people who are relatively well-off will shop down into these stores when there is uncertainty in the air, she adds. The challenge for Truworths is that top-line sales growth requires consumer confidence and economic growth, which are in short supply.
Woolworths’ sales in the last six weeks of the period increased by 3% and by 3.5% in constant currency terms.The Food business grew turnover by 3.8% for the half, accelerating its momentum to 5.8% in the last six weeks of the period. However, this pales in comparison when one considers that, if new stores are excluded, sales grew by 2.8%, with price movement of 2.6% and underlying product inflation of 3.7%.
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