It might be telling that while Shoprite makes much of its trading profit margin right upfront, you have to wade through 12 pages of numbers before you get to Pick n Pay’s.

And a direct comparison is hardly flattering: Shoprite pulled off a 6.1% trading margin for the year ended July, but Pick n Pay remained a considerable laggard with just 2.3% at the half-year ended August. Once again, its shares lag its fiercest rival: Pick n Pay stock has gained 18% year to date, but Shoprite shares are up 37%...

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