Giant retailer OK Zimbabwe’s revenue for the quarter to June 30, 2021 increased by 49 percent in inflation-adjusted terms and more than doubled in historical terms notwithstanding the emergence of significant challenges during the quarter.

The group reported that revenue for the quarter grew by 263 percent in historical terms and by 49 percent in inflation adjusted terms.

“Volume performance was aided by a surge in aggregate demand across key product categories,” said OK Zimbabwe.

“Sales volume grew by 48 percent over the same corresponding period in 2020, attributed to a recovery from more stringent prior year Covid-19 restrictive regulations and the success of the OK Grand Challenge promotion.”

This was despite the challenges that affected the giant retailer’s business during the quarter under review.

“The business environment for the quarter under review continued to be characterised by Covid-19 induced restrictions. However, these restrictions were less severe compared to the same period in the prior year.

“Product supply remained stable on the back of improved availability of foreign exchange liquidity accessed through the auction system by our supply partners for both local and imported merchandise. Inflationary pressures were stoked midway through the quarter as market players reacted adversely to the promulgation of SI 127 of 2021 which seeks to criminalise dual pricing that is based on discounted US$ prices relative to the official exchange rate.

“Consequently, national and internally monitored inflation rates remained high in the quarter although experiencing significant reduction to the prior year inflation rates,” said OK Zimbabwe.

In terms of the outlook, the group remains cautious about the impact of the continuing Covid-19 pandemic and has commended Government’s efforts on the national vaccination programme.