Pick n Pay Annual Report 2010
LOCAL RETAIL
Apr 29th 2011, 16:10
Turnover for the Pick n Pay Group for the year ended 28 February 2011 increased 5.9% to R51.9 billion while trading profit margin dropped to 2.7% as a direct result of the reduction in gross profit margin and cost inflation exceeding internal sales price inflation. Pick n Pay and Boxer combined increased turnover by 5.9% and Franklins’ turnover dropped by 3.9% in Australian dollars. Turnover growth has been modest, impacted by a national labour strike at Pick n Pay and customers exercising caution despite the dramatic fall in food inflation and many price decreases. Group like for like turnover is up 2.0% for the year.
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 | 13 JUN 2011 |
The year under review has seen some of the toughest trading conditions in our Group’s history, yielding financial results that can at best be described as disappointing. Our reporting year was characterised by depressed consumer spending, costs rising ahead of internal sales inflation and problematic industrial relations.
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