Steinhoff reported a 6% decline in group revenues in the nine months to end June as Covid-19 stores closures cut into earnings. In constant currency - which eliminates the effect of rand/euro fluctuations, Pepkor's revenue drop changes from 10% to 2%. Steinhoff said that once the lockdown restrictions were eased, sales levels for PEP and Ackermans change were positive during May and June 2020. Steinhoff said the Pepco Group, which houses most of its European operations, was significantly impacted in the early stages of that continent's lockdown. This included 97 mainly Pepco new store openings in the middle of the lockdown period between March and June.

Source: News 24 August 28, 2020 09:12 UTC