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Johannesburg - Shares of Pick n Pay Stores [JSE:PIK] dived
after the retailer warned that first-half profit likely fell by as much as 45%,
hit by the start-up costs for its newly-launched shopper reward programme and
investments in its distribution system.
The grocery chain says headline earnings per share (EPS) for continuing
operations in the six months to end-August likely fell between 35% and 45%.
Including discontinued operations, headline EPS likely fell
by as much as half, the company said.
Sales rose 7.4% during the period. Pick n Pay shares were down 3.7% at R35.24 in morning trade on the JSE Top 40 - (Tradeable) [JSE:J200].
