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."
Singapore-based agribusiness giant Wilmar International is to publish more information on how it sources its palm oil, a move welcomed by environmentalists....
Just two weeks into 2015 and competition among UK grocers is heating up further. Will suppliers be caught in the crossfire? Corporate restructuring firm Begbies Traynor thinks so....
Boulder Brands is expanding its Udi's brand in the foodservice channel through a tie-up that will bring two varieties of gluten-free pizza to Pizza Hut outlets throughout the US....
- Unilever must "speed" response to consumer trends
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Why US diet guidelines should consider environment
- Emerging markets online: India's food retail scene
- Tootsie Roll CEO Melvin Gordon dies at 95
- Food industry news of week: Unilever, PepsiCo
- McCain to close Grobbendonk plant in Belgium
- Chobani launches Tots infant range
- Premier Foods hails "improving" sales trends
- The Sugar Backlash and its Effects on Global Consumer Markets
- 10 Key Trends in Food, Health and Nutrition 2015
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Meat Substitutes Market - Global Trends, Forecasts up to 2019