Pick n Pay says profits rose by a fifth thanks to SA business and better prices

Pick n Pay Stores says net profit rose by about a fifth in the financial year to March 3, even as its operations outside SA stumbled.

Profit after tax was R1.65bn in the 53-week period, versus R1.3bn in the prior 52-weeks. On a pro-forma basis, net profit was up 19.9% as turnover grew 7.1% and margins improved. The group, led by former Tesco UK boss Richard Brasher since 2013, said the performance of the SA business – which trades under the Pick n Pay and Boxer brands – “mitigated some operating challenges experienced outside its borders”.But earnings from the rest of Africa fell 16.2%, “reflecting difficult economic conditions in Zambia and the once-off impact of currency devaluation in Zimbabwe”.

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