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S.African retailer Pepkor’s sales rebound from worst of pandemic

JOHANNESBURG, July 23 (Reuters) – South African retailer Pepkor Holdings reported on Friday a 13.9% rise in revenue for the nine months through June, rebounding from a low base in 2020 when it could hardly trade at all in some months due to lockdown restrictions.

Group revenue totalled 53.9 billion rand ($3.65 billion) for the nine months and included revenue growth of 8.1% reported for the six months to March 31 and revenue growth of 27.9% for Pepkor’s third quarter to June 30.

The retailer’s shares rose 3.36% by 0841 GMT.

Pepkor, majority owned by Steinhoff, also said it completed the refinancing of 2.5 billion rand in term loan funding.

“This further strengthens the group’s liquidity, debt repayment profile and reduces the group’s cost of funding,” the owner of Pep and Ackermans clothing chains said. ($1 = 14.7668 rand) (Reporting by Nqobile Dludla; Editing by Susan Fenton)

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