Pick n Pay has published its quarterly interim statement ending 1 September 2019. In 26 weeks the hypermarket obtained a successful execution and consistent earnings growth. The company’s turnover moved up from 18.8% to 19.8%.
It’s been declared that within 26 weeks, the trading profits in the group’s core South African business was up 16.4%. Trading Profit margins up 2.8% from 2.5% of turnover.
In a nutshell, Pick n Pay shows a 9.5% rise in its first-half earnings. Comparable headline earnings per share (Heps), gets to 85.03 cents in the first 26 weeks.
group Chief Executive Richard Brasher said in a statement that “At the core of our result is a very strong performance from our South Africa division,”
Pick n Pay in a statement said “Economic conditions in Zimbabwe have been particularly difficult, with businesses and consumers grappling with political and social instability, high levels of inflation, currency devaluation and shortages of staple goods and services,”
The group expects the grocery retail market to grow around 1–1.5% ahead of GDP + inflation.
The Pick n Pay CEO, Richard Brasher said he was pleased with this positive turnaround of the earnings as he stated that “In this environment, retailers have found it difficult to balance their two key objectives: delivering solid sales growth while maintaining profit margins,”
Pick n Pay Insurance
Pick n Pay launched a portfolio of insurance products underwritten by Hollard. They mentioned that insurance is currently available in 25 stores in South Africa and has shown ‘progress’.
in 18 months, the insurance products offered by Pick n Pay will spread out to the rest of South Africa. Pick n Pay has partnered with TymeBank as well. TymeBank has 850 000 customers and is the fastest-growing digital bank in SA.
