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Pick n Pay’s massive cuts boosts earnings

PUBLISHED: Wed, 17 Oct 2018 10:00:07 GMT

South African supermarket chain Pick n Pay Stores has reported a 19 per cent jump in profit before tax as price cuts attracted more shoppers to its stores. Total sales rose to R41.2 billion, up 6.4 per cent. South African shoppers are feeling the impact of low growth in disposable income amid tight credit conditions. To keep attracting struggling consumers, Pick n Pay says it reduced prices across 2,500 every day grocery lines. Pick n Pay CEO Richard Brasher joins CNBC Africa for more.
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