Top Africa Clothing Retailer Pepkor to Bolster Brazil Expansion [BNN Bloomberg (Canada)]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: BNN Bloomberg
The company's Grupo Avenida S.A is on track to unveil 26 stores in the six months through the end of September, adding to the 22 shops opened in its first-half, Chief Executive Officer Pieter Erasmus said in an interview Tuesday after the earnings report. That may double in the next financial year, he said. “The customers in Brazil are responding exceptionally well,” Erasmus said. “Every store that we open we are exceeding our targets.” Avenida's contribution to sales accounted for 5.5% of Pepkor's revenue, up from 4.4% a year earlier. The retailer sees opportunity to open as many as 600 outlets in Brazil in the next five to seven years and has identified three other possible countries in the region, even as far as Mexico, he said. In its home market, Pepkor which own South African chains Ackermans, Pep and Tekkie Town is repositioning its women's clothing with plans to open about 50 standalone stores in the summer, to counter intensifying competition from both international fa
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