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European retail sales declined 1.6 percent from a year earlier in March, the most since at least 1995 and twice as much as economists forecast, as soaring fuel and food costs sapped consumer spending.
South Africa’s third-biggest bank, Absa, and food and clothing retailer Woolworths are to enter into a joint venture, the companies said in separate statements on Wednesday.
Listed food retailer Pick n Pay is “very aware” of the increase in food prices, it said on Tuesday.
“We are very aware of the inflationary pressure on basic foods and are doing everything we can to minimise its impact on customers,” the company said in its results for the year ended February 29.
South African drugs and cosmetics retailer New Clicks said on Thursday first-half diluted headline earnings per share (EPS) rose 25,8% helped by health and beauty sales despite a tightening economy. The company said headline EPS, the main profit gauge in South Africa, which strips out non-trading, capital and certain extraordinary items, was 67,8 cents.
Cape Town - Pick n Pay same-store volume sales were flat in the past year, a clear sign that higher food prices and interest rates have cut into better-off consumers’ spending on food and toiletries.
New Clicks yesterday reported resilient sales growth in defensive lines such as drugs and beauty, but CD sales hit a wall after Bok van Blerk did not repeat his De la Rey hit of last summer.
Fitch was ”concerned” customer bad debts at Woolworths had deteriorated further in the three months to February, the ratings agency said yesterday, but nevertheless it affirmed the retailer’s credit rating.
Woolworths has received international recognition in the retail sector by being named Responsible Retailer of the Year at the World Retail Awards – held during the annual World Retail Congress recently. Six companies from across the globe had been shortlisted for the prestigious award.
