Pick n Pay reports leap in sales but warns of rising inflation
The retailer noted like-for-like sales growth of 8.3% in SA, above internal inflation of 5%
26 July 2022 - 11:00
UPDATED 26 July 2022 - 18:52
Pick n Pay has reported double-digit growth for the first 18 weeks of its financial year, when it was able to keep store price rises below consumer inflation. However, it expects that to worsen.
“Consumers are currently bearing the brunt of rising inflation, not just in SA but across much of the world,” chair Gareth Ackerman said at the retailer’s annual general meeting (AGM) on Tuesday. “Consumers are really struggling, inflation is on the rise, and interest rates have also increased, adding to their burden.”..
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