Subscriber numbers jump 70% as Famous Brands warns diesel is eating its earnings
The market update points to two very different pictures of South African consumer demand this week.
One company has reported record subscriber growth while a listed food group has warned that its earnings could swing widely, in a market update that points to uneven pressure on South African consumers.
According to eNCA (YouTube), the company grew subscriber numbers by a record 70% in its first quarter, taking the total to 142,500. Its second quarter numbers were due out later on Monday, with expectations that the strong growth would continue.
Famous Brands and Clicks were both flagged as indicators of the pressure consumers are under. Famous Brands issued a trading statement, understood to have been published the previous week, indicating that earnings would land somewhere between 7% up and 13% down, a wide range.
The food group said the cost of diesel had affected its results.
Source: eNCA (YouTube), https://www.youtube.com/watch?v=5AMHzgNwk2k
