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Pick n Pay profit up 25% under new CEO

Apr 15 2014 08:50
Johannesburg - Retailer Pick n Pay snapped three years of profit decline with a 25% rise in full-year profit on Tuesday, a sign that a turnaround plan under its newly appointed chief executive is bearing fruit.

Reporting its first full-year results under CEO Richard Brasher, Pick n Pay said diluted headline earnings per share (EPS) totalled 136.46 cents in the year to end-March compared with 109.61c a year earlier.

Headline EPS, South Africa's main profit gauge, strips out certain non-trading, one-time items.

Brasher, the former head of Tesco's UK unit, who joined Pick n Pay a year ago, inherited a company with sliding profit due to its late investment in streamling its supply chain.

His remedial actions at the Cape Town-based company included cutting 400 management jobs and raising dividend cover from 1.33 times to 1.5 times.

Pick n Pay said sales rose 6% to R63.7bn and raised its dividend by 10% to 92.3 cents per share.

Shares of Pick n Pay are up 28% over the last 12 months, roughly in line with a 27% increase in the broad All-share index.

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