Pick n Pay first-half profit rose
IOL Business - Oct 6th 2014, 13:27
Johannesburg - Pick n Pay Stores, South Africa’s second-biggest grocer, said first-half earnings would increase as much as 35 percent as the company cut back on costs and improved sales.
Earnings per share excluding one-time items were 51.01 cents to 55.09 cents a share for the 26 weeks ended August 31, compared with 40.81 cents a year earlier, the Cape Town- based retailer said today in a statement.
Profit gained after “improved financial control” amid a downturn in consumer confidence, the company said.
South African retailers have struggled this year as rising inflation and unemployment of more than 25 percent have constrained spending.
Retail sales rose 2.4 percent in July, having been unchanged the previous month - the worst performance since a 2009 recession.
Revenue “growth of 6.8 percent over the period reflects the increasing financial pressure faced by our customers and the competitiveness of our market,” Pick n Pay said.
Sales growth was 8.1% in the 26 weeks ending September 1, 2013.
Pick n Pay shares have gained 4.8 percent this year.
Shoprite, Africa’s biggest food retailer, has fallen 14 percent.From © Independent On-line 2013. All rights reserved.
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