Other retailers have struggled amid a slump in retail sales as South African consumers cut back to cope with high household debts.
JOHANNESBURG - Retailer Pick n Pay Stores Ltd on Friday reported an 18% jump in full-year earnings, as price cuts helped it attract highly cost-conscious shoppers and cope with the difficult trading conditions that have hit other retailers.
“This result is built on a clear, long-term strategy to create a leaner and more cost-effective business,” he said, adding that Pick n Pay will also have good years in 2019 and beyond. Pick n Pay said the conditions in countries including Botswana, Zambia and Zimbabwe had been challenging, dragging its earnings from the rest of the continent down 16.2%.
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