Blog: Brasher faces challenge as Pick n Pay disappoints in H1
Michelle Russell | 25 October 2012
South African supermarket operator Pick n Pay may be counting on new CEO Richard Brasher to turn the retailer's fortunes around after the group booked a "disappointing" drop in first-half earnings today (25 October).
The group was open about its disappointment this week at the 41.5% slide in earnings, which it said was impacted by investments, as well as the centralisation of its distribution operations.
The group said the appointment of Brasher brings "precisely the skills and experience we need to take the business forward".
The former Tesco UK chief is certain to have a challenge on his hands.
It is the first time Pick n Pay has appointed a CEO from outside its own ranks, and while Pick n Pay is confident he has what it takes to turn the group's fortunes around, analysts are less confident.
36One Asset Management analyst Even Walker believes Brasher's main challenges will be the country's "militant labour union", in addition to productivity issues, which he said he'll "have a tough time fixing". He adds: "It's going to be messy."
The BBC turned to just-food today for insight on the price dispute between Tesco and Unilever....
Just weeks after buying UK turkey processor Bernard Matthews from administration, food tycoon Ranjit Boparan has struck a similar deal....
Shares in Tyson Foods slumped on Friday, closing down almost 9% after an analyst claimed a lawsuit facing the company could hit the US meat titan....
- It won't just be Unilever to push for Brexit hikes
- Price an underlying tension across European FMCG
- Danone's Q3 sales - what the analysts say
- Interview: UK trade body on Brexit's policy impact
- Interview: UK trade body on the impact of Brexit
- Nestle lowers outlook on "softer environment"
- PepsiCo sets 2025 nutrition, sustainability goals
- China "transition" drags on Danone Q3
- UK announces "action plan" to drive food exports
- CP Foods invests in UK foodservice firm Foodfellas
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Packaged Food: Quarterly Statement Q3 2016
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review