PICK ‘n Pay, one of South Africa’s largest retail chains, on Tuesday posted a lower-than-expected 21.9% increase in earnings and announced an aggressive expansion programme. The company said headline earnings per share – earnings stripped of exceptional items and their tax effects – grew to 63 cents from 52 cents before. The rise in earnings came on the back of an 11% rise in turnover to R1.085bn as market share grew to 39.3% from 38.3% in the previous year. “I think the level of growth achieved in turnover, operating profit and earnings is more than acceptable given the overall continued depressed state of the economy and specifically the retail industry,” Chief Executive Officer Sean Summers said in a statement. He said cash resources grew 40% to R1.09bn in the year and the group planned to expand its supermarket brands in the coming year. Forty five stores under a range of brand names would be opened in South Africa and five of the group’s Score supermarket stores would be opened between April and July in Tanzania, a country which Summer said presented promising growth opportunities.
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