More profit growth for Pick n Pay

SUPERMARKET giant Pick n Pay said on Friday (today) that it expected an increase of 20-25 percent in headline earnings per share for the first half, which would be its seventh consecutive reporting period of “substantive profit growth”.

“This result is under-pinned by stronger operational and financial discipline, with tight expense control in an inflationary economy,” the company said in a statement.

The grocer said its long-term strategy, which was built on greater operating efficiency, sales growth and margin improvement, remained on track.

It said turnover growth of 7.2 percent (7.5 percent in constant currency) reflected a tougher trading environment and some internal disruption from store refurbishments.

The group added that it was confident of delivery of its long-term strategy, adding that there were signs that pressures on consumers, in particular high food inflation, might begin to alleviate in the coming months.

The full results are expected on October 18. – ANA