Clicks is in hot water, after the retailer published a TRESemmé hair advert that was seen as racially offensive. It referred to black women’s hair as damaged, dry and dull; with white women’s hair described as was fine, flat and normal. Clicks has since removed the advert and apologized. In a bid to shut down trading at Clicks today, EFF members took to 37 stores to protest. Several stores have been damaged. Clicks CEO, Vikesh Ramsunder joins CNBC Africa for more.
Clicks is going ahead with plans to open 38 new stores and 40 new pharmacies despite uncertainties of how COVID-19 will impact the economy. The pharmaceutical retailer has however put dividends and share buybacks on ice, opting to preserve cash for tough times ahead. Clicks CEO, Vikesh Ramsunder joins CNBC Africa for more.
Clicks, a darling of investors, annual dividends grew 17 per cent to 327 cents apiece after further extending its reach in the pharmacy market and gaining new bulk distribution contracts. The retailer said it has adapted well to trading in this protracted economic downturn and is confident of sustaining volume growth in the year ahead by growing market share. Vikesh Ramsunder, CEO, Clicks Group joins CNBC Africa for more.
Clicks was among the JSE's top performers on Monday after reporting that interim diluted headline earnings per share will be higher than expected. The retailer attributed this to a stronger retail performance in the second half, new distribution contracts and further improvements in working capital management. Edgar Mafoko, Portfolio Manager at FNB Wealth and Investments explained why this could be bad news for Dis-Chem.
Joining CNBC Africa for a look at the local markets is Henry Biddlecombe, Analyst at Anchor Capital.
Clicks says it has successfully completed a Bookbuild for the placement of 7.8 million shares with 32 investors. Clicks CEO, Vikesh Ramsunder joins CNBC Africa to tell us more about clicks the reason behind the company's steep increase in capital.