PnP shares down after poor results

Johannesburg - Pick n Pay Stores [JSE:PIK] retailers were down almost 3% on Tuesday morning following the release of their annual results.

Although the company's turnover increased from R59.3bn in 2013 to R55.3bn in 2012 their headline earnings per share fell 30.8% from 111.30 cents 160.78c.

At 10:26am the stock was trading at R40.30 down 2.42% from R41.30 at the previous days close.

The total dividend per share was down 35.8% to 84.00c from 130.85c the previous year.

The grocer is in the midst of a turnaround‚ having gone through dramatic restructuring and considerable capital expenditure.

It lost market share to rivals over the past few years as it struggled to implement changes in information technology and distribution‚ while battling high costs.

Fellow retailer Shoprite was also down on Tuesday‚ having lost 2.37% to R164.96 from R169.00 at the previous day’s close.