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October 22, 2013

S AFRICA: Pick n Pay H1 earnings climb

South African retailer Pick n Pay has booked an increase in first-half earnings, boosted by tighter cost control, increased sales and improved gross margin.

South African retailer Pick n Pay has booked an increase in first-half earnings, boosted by tighter cost control, increased sales and improved gross margin.

In the six months ended 1 September, the retailer said it delivered headline earnings per share of ZAR40.81 (US$4.13m), up 35.8% on a comparable basis. Trading profit reached ZAR317.5m, a 15.2% increase on last year.

EBITDA climbed 9.9% to reach ZAR810.5m.

Group turnover increased by 7.5% in the period to reach ZAR30.1bn, with like-for-like sales growth of 3.1% and new stores contributing 1.7% to trading space and 4.4 percentage points to sales.

The retailer opened 38 stores in South Africa during the period.

Click here to view the full earnings release.

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