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 Groupās history, yielding ļ¬nancial results that can at best be described as disappointing. Our reporting year was characterised by depressed consumer spending, costs rising ahead of internal sales inļ¬ation 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 Groupās 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 proļ¬t, not an inconsiderable result.
It was always inevitable that the signiļ¬cant 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.
IT has been an exceptionally tough year for Pick n Pay with the economic recession biting particularly hard in the second half of the year.
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