Pick n Pay reported strong growth in its first trading period under the Ekuseni strategic plan, with a turnover of R51.3 billion for the 26 weeks that ended 28 August 2022.
This strong turnover growth, in part, reflects the normalisation of the environment after the July 2021 civil unrest and Covid-19 liquor trading restrictions last year, which negatively impacted“When excluding these disruptions in the base, we estimate normalised H1 FY23 turnover rose by an encouraging 8.2%, it said.
However, Pick n Pay said it continued to feel the after-effects of the civil unrest in terms of increased insurance and related security costs. Additional expense increases arose from broad inflationary pressures and from investment in implementing our Ekuseni strategic plan, it said.Headline earnings per share were up 25%, while the retailer delivered an interim dividend per share of 44.85 cents per share, also up 25%.
In May, the group launched its Ekuseni strategic plan, splitting Pick n Pay supermarkets into two tailored banners: QualiSave, serving lower-to-middle-income customers, and Pick n Pay, serving middle-to-upper-income customers. It also launched an accelerated store refurbishment programme to clearly differentiate the two banners.
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