TRADING UPDATES: The South African retailers that fared the best and the worst during tough economic times

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 59 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 84%

South Africa Headlines News

South Africa Latest News,South Africa Headlines

Trading updates paint a grim picture of the consequence of lockdowns and poor consumer sentiment.

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%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UPDATE: De Kock hits century as South Africa seek clean sweepSouth Africa won the first two ODIs in Paarl and are chasing a 3-0 series win. Man of the series
Source: TheCitizen_News - 🏆 6. / 75 Read more »

South Africans are increasingly moving to these areas with the best-run municipalitiesAs South Africans grapple with poor levels of service delivery countrywide, an increasing number of people are moving to areas with a strong track record of good municipal management, say property experts at Chas Everitt.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

‘We want Zimbabweans to work in SA’: Julius MalemaEFF leader Julius Malema has appealed to employers to give South Africans preference as the country faces an all-time high youth unemployment rate of 66.5%. I know we all probably must have heard about Bitcoin but don't know how it works, I tried it in a week ago by a man who recommended me to Leticia_thomas7 on Twitter She guides me through and i made a return of R15500 after a week of trading, connect with her Few month ago I was struggling to fend for my self and my kids ,at my last bus stop I decided to give Bitcoin trading a try ,through the help of AMBREYMARCUS1 I was able to earn R250,000 in 2 weeks thank you so much Mr AMBREYMARCUS1 . EFFluent
Source: TimesLIVE - 🏆 28. / 59 Read more »

Khanya Leshabela set for Leicester City returnKhanya Leshabela appears set to return to Premier League side Leicester City this month. Full story ➡
Source: KickOffMagazine - 🏆 36. / 51 Read more »

LETTER: We should welcome foreign nationalsThe problems in our country may one day force South Africans to seek refuge elsewhere Please keep up the good work, it was mind blowing when I opened my wallet and saw profit of R70k from the investment of R7600 MichaelWeldon_ Why? Are they bringing their own schools, hospitals, doctors, homes, infrastructure. Or are the competing for what the south africans have. Influx of foreigners will kill all services and opportunities for South african people. PutSouthAfricaFirst South Africans first. Illegal immigration is against the law.
Source: BDliveSA - 🏆 12. / 63 Read more »

ANC considers extending COVID-19 grant - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.ANC says it is considering having government extend the R350 COVID-19 grant that is aimed at alleviating the plight of the poor and unemployed South Africans. This was announced following deliberations at the party’s NEC and alliance partners this weekend. So_mazotsho Right after that loan from the World Bank was approved!? Why nkare they use the grant to actually chow the moola🤔 But hey...🤷🏾‍♂️ We want decent jobs not 350 😥😰 So people must be permanently dependent on the corrupt state instead of creating jobs for them to take charge of their destiny and lives
Source: SABCNews - 🏆 37. / 51 Read more »