Dis-Chem has deferred its final dividend, opting to preserve cash in light of the uncertainties of Covid-19 and to potentially use the money to fund its R430 million acquisition of Baby City.
It’s the end of an era for the Aronaff family business Baby City, but the birth of a new one for pharma retailer Dis-Chem. After 26 years of operating the one-stop baby shop, the Aronaff family have agreed to sell all 33 Baby City stores to Dis-Chem for R430m. Michel Aronoff, Managing Director of Baby City joins CNBC Africa for more.
Dis-Chem has injected R2 million into the Solidarity Fund, joining a number of South African companies that are doing their part to fight the spread of the coronavirus. The pharmaceutical retailer has also launched drive through testing stations for Covid-19 at some of its stores. Dis-Chem Co-founder, Lynette Saltzman 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.
Dis-Chem founder and CEO, Ivan Saltzman and his wife, Lynette, both qualified pharmacists, opened their first store in 1978. Now, 41 years later, the company has since grown to more than 125 stores nationwide and continues to expand. CNBC Africa’s Kopano Gumbi spoke to the family founders.
Joining CNBC Africa for a look at the local markets is Henry Biddlecombe, Analyst at Anchor Capital.
Dis-Chem managed to deliver a solid set of results despite a slowdown in consumer spending and a strike that halted production late last year. The group opened 20 new stores and its first store in Botswana. CNBC Africa's Kopano Gumbi spoke with CEO and Founder of Dis-Chem, Ivan Saltzman.
12Page 1 of 2