Pick n Pay’s turnaround strategy is continuing to pay dividends as the grocery retailer reported another positive trading update on Friday. The company’s shares rose the most in two weeks, with the stock gaining 3.3%, its highest since mid-September, before closing 1% higher at R68.64 on Friday. The share price is up 5% since the beginning of the year. Pick n Pay’s turnaround strategy has now delivered profit growth for the seventh consecutive reporting period. And the retailer is expecting pressures on consumers to ease. Pick n Pay’s strategy to focus on improving efficiency, sales growth and margins “remains on track”, the company said. In the trading update, the retailer said it expected basic earnings per share to increase between 15% and 20% to 76.36c79.68c, while revenue for the period would grow between 7.2% and 7.5% in constant currency. story_article_left1 The results forecast “tells me that they are making good progress on their distribution and on their cost-cutting, so t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.