Pick n Pay puts the worst behind it

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GUEST – Pick n Pay CEO Sean Summers
The Pick n Pay Group’s turnaround strategy is gaining traction with encouraging progress made across a number of key strategic and operational initiatives, including another formidable performance from its Boxer business and an underlying improvement in the performance of Pick n Pay supermarkets. These were key reflections in the Group’s interim results, published today, which also reported strong sales growth in Pick n Pay Clothing and Pick n Pay Online.
As anticipated, the first six months of FY25 (26 weeks ended 25 August 2024) remained challenging. However, due to improved store operations - showing a distinct turnaround - Pick n Pay CEO Sean Summers says they are quietly confident that they will reduce trading losses in the Pick n Pay segment by as much as 50% for the full-year.
Group turnover grew 3.7% to R56.1 billion, with like-for-like sales growth of 2.9%, with performance varying across divisions. Boxer recorded strong sales growth of 12.0%, well balanced between like-for-like sales (+7.7%) and sales from new stores (+4.3%). Boxer recorded another impressive earnings performance, with trading profit up 16% year-on-year. “The Boxer IPO remains pivotal to our strategy, and their remarkable performance continues to prove it is an exceptional business. We are excited to see it thrive as a listed entity,” said Summers. “It will be one of the most exciting listings on the JSE in years.”
28 Oct 2024 2PM English South Africa Business News · Investing

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