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PEP and Ackermans owner Pepkor has confirmed it has goods valued at about R700 million stuck at sea as SA’s port chaos continues unabated.
The retailer, which has a market capitalisation of about R68 billion on the JSE, flagged in a full-year results presentation on Wednesday that the port congestion causing havoc in SA was a key challenge it had faced in the first few months of its new financial year.
CEO Pieter Erasmus said the company had "significant value items stuck on the sea at the moment, between one and two weeks late". But the group, which also owns footwear chain Tekkie Town and Brazilian retail group Avenida, also did not expect a major impact on Christmas trade, he said.
