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Pick n Pay profit tumbles

Oct 24 2012 08:27 Reuters

Company Data

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 0
Change 1,29
% Change 0
Cumulative volume 873243
Market cap 28.94bn

Last Updated: 29-01-2015 at 03:55. Prices are delayed by 15 minutes. Source: McGregor BFA

SHOPRITE HOLDINGS LIMITED [JSE:SHP]

Last traded 0
Change 3,17
% Change 0
Cumulative volume 1560587
Market cap 107.55bn

Last Updated: 29-01-2015 at 03:55. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - SA's second-largest grocer Pick n Pay Stores [JSE:PIK] reported a 34% fall in first-half profit on Wednesday, hit by cautious consumer spending and tougher competition.

Pick n Pay said headline earnings per share totalled 35.9 cents in the six months to end-August compared with 54.7 cents a year earlier.

Pick n Pay has missed out on a recent bull run by domestic rivals as it struggles to grow profits due to its late investment in its distribution centres and slower store openings.

Earlier this month, the company named former UK head of Tesco, Richard Brasher, as it new chief executive, a move that is expected to help turnaround and compete against domestic rivals and Walmart.

This month it also flagged that it expected a sharp drop in earnings.

Sales increased 6% to R28.3bn and the company cut its interim dividend by 34% to 14.75 cent.

Shares in the company have fallen more than 8% so far this year, underperforming a more than 34% surge in its closest rival Shoprite Holdings [JSE:SHP].

 
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