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Markets News

S. Africa's Pepkor Holdings cuts profit outlook on pandemic hit

Nov 6 (Reuters) - South African clothing and furniture retailer Pepkor Holdings on Friday forecast a steeper fall in annual profit, as the company said it would take a 4.8 billion rand ($305.22 million) impairment charge due to the COVID-19 pandemic.

Continuing headline earnings per share (HEPS), for the year ended Sept. 30, are now expected to fall 30.5% to 40.5%, to 56.9-66.4 cents per share, from 95.5 cents per share a year earlier, the company said.

Pepkor earlier said it expected HEPS to fall by at least 20%. ($1 = 15.7262 rand) (Reporting by Shanima A in Bengaluru; Editing by Ramakrishnan M.)

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