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Pointing to lingering weakness in the economy.
By Olivia Kumwenda-Mtambo and Nqobile Dludla, Reuters
21 Jan 2021 17:50
Retailers had extended the discount period in an attempt to prevent crowds and make up for lost revenue. Image: Suren Naidoo, Moneyweb
South African retail sales fell more than expected in November, despite deeper Black Friday discounts and month-long promotions, as sales of ‘other’ items like jewellery and clothes contracted.
The latest data points to lingering weakness in the South African economy from the coronavirus pandemic with consumers still feeling the pressure financially, confounding retailers’ efforts to lift profits and reward shareholders through dividends.
By Reuters Staff
2 Min Read
JOHANNESBURG (Reuters) - South African retail sales fell more than expected in November, despite deeper Black Friday discounts and month-long promotions, as sales of other items like jewellery and clothes contracted.
Shoppers push trolleys at a shopping centre in Lenasia, south of Johannesburg, August 28, 2013. REUTERS/Siphiwe Sibeko/File Photo
The latest data points to lingering weakness in the South African economy from the coronavirus pandemic with consumers still feeling the pressure financially, confounding retailers’ efforts to lift profits and reward shareholders through dividends.
It also hampers President Cyril Ramaphosa’s efforts to boost growth when South Africa’s already overblown budget has been hamstrung by the virus.
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