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Cape Town - Pick n Pay Holdings Limited [JSE:PWK] and Pick n Pay Stores Limited [JSE:PIK]expect to deliver a strong financial performance for the year ending February 28 2016.
Both groups announced in separate SENS reports on Monday that it is in the process of finalising its 2016 financial results for the year ended 28 February 2016.
Pick n Pay Holdings Limited said the group expects to deliver a strong financial performance for the 2016 financial year, with headline earnings per share (HEPS) up between 20% and 30% on the prior year.
"The result demonstrates good progress across all areas of the business. It delivers on the group's determination that its improved performance should be customer-led as well as cost-driven.
"It therefore reflects a stronger customer proposition as well as further improvements in cost control and operational efficiency. Group turnover growth of 8.2% for the year (8.6% in constant currency terms) is the strongest delivered for several years, well ahead of the 6.1% growth delivered in 2015," it said.
Pick n Pay Stores Limited also anticipated that HEPS will rise between 20% and 30% on the prior year.
"The result demonstrates good progress across all areas of the business. It delivers on the group's determination that its improved performance should be customer-led as well as cost-driven. It therefore reflects a stronger customer proposition as well as further improvements in cost control and operational efficiency.
"Group turnover growth of 8.2% for the year (8.6% in constant currency terms) is the strongest delivered for several years, well ahead of the 6.1% growth delivered in 2015," it noted.
The group said its focus on improving its customer offer is reflected in stronger like-for-like turnover growth, and an effective opening programme has delivered a greater contribution from new stores.
The group restricted its selling price inflation to 3.1%, below CPI Food inflation of 5.3% for the period.
The results are expected to be published on 26 April 2016.
