Pick n Pay’s share price has retreated just more than 13% in the past month, with most of the movement sparked by the release of the company’s 2017 annual results. Figures from Iress, a data and technology supplier for financial markets, show that on April 19 — the day the results were released — about 12-million shares with a market value of R750m were traded. This was far higher than the April monthly average volume of about 2.6-million. On the day of the retailer’s financial results, the share price ended the day down 4.4% after the retailer’s earnings missed expectations. It closed higher at R63.39 on Monday. Earnings excluding one-time items rose 17% to R2.58 a share for the 52 weeks ending February, lower than a median estimate of 14 analysts of R2.67, according to Bloomberg. Headline earnings rose 18%, but expectations had been for earnings to rise more than 20%. Like-for-like sales were up 3.4%, against an internal selling price inflation of 6.1%. This implied volume decline...

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