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Harare - Pick n Pay [JSE:PIK] and its Zimbabwean partner TM Supermarkets have continued to grow their footprint and revenue, despite the challenges being faced by many businesses in the country.
In its interim results to September 30 2015 released on Thursday, holding company Meikles Limited said the two supermarket chains reported a 17% growth in revenue to US$196.7m, with Pick n Pay outlets contributing 30% or $59m.
Pick n Pay opened a second store in Bulawayo on December 9 2015. Situated in an upmarket suburb, the store comprises 2 816m² and carries over 12 000 product lines.
The new store comes after Pick n Pay Avondale opened in Harare in August, on the heels of Pick n Pay Sam Nujoma which was opened in April as the first Pick n Pay store in Harare’s CBD.
This brings the total number of Pick n Pay stores in the country to 12.
The performance by Pick n Pay is impressive, considering that its main competitor OK Zimbabwe reported a 7.9% revenue drop to $213.6m while attributable income went down 71.6% to $1.2m.
In general, almost all Zimbabwean companies are reporting declining profits as a result of negative growth in sales and margins.
On November 24 2015, the Confederation of Zimbabwe Retailers presented Pick n Pay with a number of awards, including Supermarket of the Year - Consumer’s Choice and Best Retailer – Environmental Management.
In its interim results to September 30 2015 released on Thursday, holding company Meikles Limited said the two supermarket chains reported a 17% growth in revenue to US$196.7m, with Pick n Pay outlets contributing 30% or $59m.
Pick n Pay opened a second store in Bulawayo on December 9 2015. Situated in an upmarket suburb, the store comprises 2 816m² and carries over 12 000 product lines.
The new store comes after Pick n Pay Avondale opened in Harare in August, on the heels of Pick n Pay Sam Nujoma which was opened in April as the first Pick n Pay store in Harare’s CBD.
This brings the total number of Pick n Pay stores in the country to 12.
The performance by Pick n Pay is impressive, considering that its main competitor OK Zimbabwe reported a 7.9% revenue drop to $213.6m while attributable income went down 71.6% to $1.2m.
In general, almost all Zimbabwean companies are reporting declining profits as a result of negative growth in sales and margins.
On November 24 2015, the Confederation of Zimbabwe Retailers presented Pick n Pay with a number of awards, including Supermarket of the Year - Consumer’s Choice and Best Retailer – Environmental Management.
