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Pick n Pay to open 63 new stores as profits in South Africa soar
(Also, read: Shoprite and Pick n Pay to roll out spaza shops of their own in the townships)
Pick n Pay shares shot up 8% in an hour on Tuesday.
The sharp move comes after the retailer announced a 9.5% increase in headline profits for the half-year to 31 August 2019.
Turnover rose by 6%.
The company declared an interim dividend of 42.8 cents per share (up 9.5%).
The results were far better than market expectations.
The retailer continues to invest heavily in South Africa, opening 63 new stores despite the moribund economy.
Pick n Pay's profits in the rest of Africa, however, fell by 80%, heavily weighed down by the tanking Zimbabwean economy and the return of hyperinflation there.
The Money Show’s Bruce Whitfield interviewed Richard Brasher, CEO at Pick n Pay.
There’ still plenty of opportunities to expand within South Africa… Africa [outside of SA] has been problematic… [but] we still make money in the rest of Africa…
Richard Brasher, CEO - Pick n Pay
People are incessantly on their phone… we’re well-placed to see growth [in ecommerce] …
Richard Brasher, CEO - Pick n Pay
Listen to the interview in the audio below.
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Highlights