Shares in Clicks Group dropped sharply on Thursday (22/01/2026), falling 6.21% on the JSE after the retailer reported slower comparable sales growth over the festive season compared with the prior year.

In a trading statement, the health, beauty and pharmacy group said total turnover for the 20 weeks ended January 11, 2026 rose by 7.4%. Pharmacy sales increased by 9%, while distribution turnover climbed 11.4%.

The share price slid to R324.95 by Thursday afternoon, also below the R349.91 level recorded on the same day a year earlier.

Retail sales across Clicks, UniCare, The Body Shop and Sorbet corporate stores grew 6% over the period. Like-for-like store sales rose 3.7%, down from 5.9% growth in 2023. Average selling price inflation eased to 2.4% from 3.5%, while volume growth slowed to 1.3% from 2.4%.

Chief executive Bertina Engelbrecht said retail performance was weighed down by intense discounting from competitors during the festive period. She added that delays in rolling out a new warehouse management system at the Clicks retail distribution centre in Cape Town led to reduced product availability in Western Cape stores.

Management estimates the system-related disruption reduced retail sales by about R120 million. Engelbrecht said stock availability has improved since early January 2026 and is expected to reach target levels during February 2024.

Despite these challenges, Engelbrecht said group performance benefited from strong pharmacy sales growth since the start of the financial year, record Black Friday trading, and solid demand for Christmas gifting products.

Group turnover rose 7.4% to R19.5 billion over the 20-week period, compared with 8.1% growth a year earlier. Wholesale turnover at UPD increased by 11.4%, supported by improved purchasing compliance across core channels and the continued expansion of Clicks pharmacies.

However, UPD’s notional turnover from bulk agency distribution clients declined by 20.2% after two contracts were not renewed in the fourth quarter of the 2023 financial year. As a result, UPD’s total managed turnover edged down 0.2% for the period.

Clicks said it expects to release its results for the six months ended February 28, 2024 on or about April 23, 2024.

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