According to the South African retailer, this is despite the backdrop of a difficult economy and a challenging trading environment.
“Turnover growth of 6.8 per cent over the period reflects the increasing financial pressure faced by our customers and the competitiveness of our market,” Pick n Pay said.
“We are pleased however, with the improvement in our like-for-like turnover growth, which has increased to four per cent for the year ended February 2014. We continue to support our customers both by keeping our price increases below food CPI and by investing to improve the shopping trip.”
The group added that sustained improvement in financial control and operating efficiencies are driving profit growth, as it steadily becomes a more effective and productive business.
[DATA PWK:Pick n Pay] further stated that it expects headline earnings per share (HEPS) to increase between 25 and 35 per cent while diluted earnings per share (EPS) should increase between 30 and 40 per cent.
“The group is encouraged by this improved profit performance and the progress being made across all areas of our business. Good expense control and improving operational efficiency is strengthening the capacity of the business to deliver on its strategic focus,” it said.
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“We are taking our positive momentum into the second half of the year, while acknowledging that a great deal of hard work remains to be done under increasingly challenging economic conditions.”
The retailer’s financial results for the 26 weeks ended 31 August 2014 are expected to be published on 16 October 2014.