Pepkor, the owner of PEP and Ackermans clothing brands, reported a profit before tax of $170 million in the year that ended September 30, from a restated loss of $27.67 million.

The group stated that it gained additional market share and increased its gross profit margin through higher full-price sales, while customer acquisition in its retail operations drove growth in its fintech business.

Pepkor recorded an additional $149 million impairment on goodwill, trade, and brand names, citing the ongoing uncertain trading environment for its Ackermans business and a challenging footwear market affecting performance at Tekkie Town and Shoe City.

--Reuters--