Retailer Pick n Pay said on Friday its diluted headline earnings per share were up 26.1% during the 53 week weeks to March 3 and declared a final dividend of 192 cents per share.
Pick n Pay said its South Africa performance mitigated some operating challenges experienced outside its borders, with earnings from the Rest of Africa division down 16.2% year-on-year, reflecting difficult economic conditions in Zambia and the once-off impact of currency devaluation in Zimbabwe. Successful execution of this strategy had enabled it to report market-leading turnover growth of 7.1%, and like-for-like turnover growth of 4.8%, the company said.
“Over the past six years, a relentless focus on improving cost and operating effectiveness has enabled the group to invest in a winning customer offer through lower prices, more attractive promotions, better and more innovative products, compelling value-added services, and brighter and more modern stores – without sacrificing earnings growth,” said Pick n Pay.
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Pick n Pay says profits rose by a fifth thanks to SA business and better pricesSupermarket chain store lifts annual dividend 22.4% as turnover in SA rises 7.4% but earnings from the rest of Africa fall 16.2%
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