Sasria pays Clicks R217m of KZN claim

sasria pays clicks r217m of kzn claim

Sumary of Sasria pays Clicks R217m of KZN claim:

  • SOUTH Africa’s leading beauty, health and lifestyle retailer Clicks yesterday dimmed its earnings forecast as sales in the last seven weeks of the financial year ended August 2021 were significantly impacted by the civil unrest in KwaZulu-Natal (KZN).
  • Clicks said 52 Clicks stores and one branch of The Body Shop store were looted and vandalised, representing 6 percent of the group’s store base during the mayhem in parts of Gauteng and KZN in July, costing the company R726 million.
  • Clicks said out of the total R726m South African Special Risks Insurance Association (Sasria) claim owing to the violent protests, Sasria had made its first interim insurance payment of R217m.
  • “Owing to the impact of the civil unrest outlined above and the fact that only 30 percent of the total Sasria insurance claim has been accounted for to date, the group expects headline earnings a share for the year ended August 31, 2021, to increase by 0 percent to 3 percent,” said the group.
  • MORE ON THISIn April Clicks had said that diluted headline earnings per share for the financial year ending August 31 was expected to increase by between 8 and 13 percent over the 2020 financial year.
  • Clicks said currently 11 stores remained and it expected that a further five would be reopened by the end of the first half of the 2022 financial year and four in the second half with the final two damaged stores scheduled to open in the 2023 financial year.

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