S. AFRICA: Pick n Pay Reports Solid H1 Growth

The Pick n Pay group has reported a solid rise in sales for its fiscal first half, despite challenging trading conditions in its various markets.

For the six months to 28 August, sales were up 7.2% to 37.4bn rand, with like-for-like sales up 3.5%.  Meanwhile, headline earnings per share were up 23% to 82.43 cents a share, while profits grew by 18% to 381.8m rand. The group said it was helped by a rise in customer traffic (+6.0%) and average ticket spend (+1.3%).

Its International operations saw sales grow by 4.4% to 2bn rand (+8.2% on a constant-currency basis), with the group citing tough conditions in Zambia.  However, it said it remains “confident of the long-term prospects of the region”.

The group opened 74 new outlets during the half, while also revamping 35 existing outlets, moves it said led to the creation of 2,100 new jobs in the period.