South Africa's Pick n Pay H1 profit jumps 24 pct - CNBC Africa

South Africa's Pick n Pay H1 profit jumps 24 pct

Southern Africa

by Reuters 0

SA retailer Pick n Pay Stores posted a 24.2 percent rise in half-year profit boosted by revamped stores with lower operating cost. Reuters

South African retailer Pick n Pay Stores posted a 24.2 percent rise in half-year profit boosted by revamped stores with lower operating costs.

Pick n Pay said headline earnings per share (EPS) totalled 32.94 cents in the six months ended Aug. 31, up from 26.51 cents a year earlier. Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

Pick n Pay opened 83 new stores and refurbished 27 during the period.

"Operational improvements include faster checkouts, Wi-Fi connectivity and automatic ordering and replenishment," the company said.

The retailer, which faces tough competition from the likes of Shoprite and Woolworths as consumers tighten their belts amid rising interest rates, energy costs and income tax, said sales grew 8.5 percent to 34.9 billion rand.

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