Loading...
See More

Pick n Pay earnings fall short

Oct 19 2011 09:09 Reuters

Company Data

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 52
Change 0
% Change -1
Cumulative volume 773476
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

SHOPRITE HOLDINGS LIMITED [JSE:SHP]

Last traded 166
Change -3
% Change -2
Cumulative volume 1664002
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 154
Change -4
% Change -2
Cumulative volume 375056
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Pick n Pay warns of profit slump

Pick n Pay concludes Franklins sale

Pick n Pay gets nod for Aussie sell-off

Pick n Pay slides on profit warning

Pick n Pay raises R500m

Pick n Pay expects steep profit drop

 

Johannesburg - Pick n Pay Stores [JSE:PIK], South Africa's second-biggest grocery retailer, reported a 40% decline in first-half profit on Wednesday, hit by the start-up costs for its newly launched shopper reward programme and investments in its distribution system.

Pick n Pay said on Wednesday headline earnings per share totalled 54.7c in the six months to end-August, compared with 90.17c a year earlier.

The company warned earlier this month that profit could fall as much as 45%.

While consumers gradually warm up to spending in Africa's biggest economy thanks to lower interest rates, Pick n Pay has yet to see the benefits, as it is spending a chunk of its cash to improve its supply chain and protect market share as competition intensifies.

South African retailers are also facing tough competition from Walmart, after the world's biggest retailer took a  51% stake in local retailer Massmart Holdings [JSE:MSM] in June this year.

Pick n Pay said sales increased 7.4% to R27.1bn.

Shares in the company are down more than 24% so far this year, lagging a 15% rise in its closest rival Shoprite Holdings [JSE:SHP].

 

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Must see! The most luxurious dog house!

This dog house comes with a treadmill and hot tub, you have to see it!

 
 

Luxury living

Exciting new luxury SUV arrives in SA!
WIN!
Ridiculous demands people with too much money make
8 of the priciest places to dock your yacht

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Government’s call for the private sector to add power to the grid is:

Previous results · Suggest a vote

Loading...