Pick n Pay's Integrated Annual Report
Jun 13th 2011, 14:55
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.
This has occurred against the background of an economy that has been sluggish in recovering from the global recession and a retail environment that has become increasingly competitive. The Group’s turnover growth has been modest as customer spending has remained cautious. However, in the face of this, we still generated R1.4 billion in trading proﬁt, not an inconsiderable result.
It was always inevitable that the signiﬁcant investment we have made in the future of the business would impact on our bottom line. I am, however, in no doubt that this critical expenditure will greatly strengthen the foundations on which our business has been developed
for the past 43 years.
Leading South African supermarket retailer Pick n Pay, together with double Grammy award winners, Ladysmith Black Mambazo, have recently released a unique and proudly South African twist to the popular Christmas song, Little Drummer Boy made famous by Boney M.
The March edition of Pick ‘n Pay’s popular Fresh Living magazine and its Afrikaans counterpart, Kook en Kuier, will be the first time the increased print run of half a million will be on shelves.
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