By Reuters
South African grocery group Pick n Pay on Tuesday reported a 4.3% increase in group turnover, lifted by increased sales at its supermarkets and strong growth at discount chain Boxer, despite challenging consumer conditions.
Like-for-like sales, which exclude the impact of store openings, closures, conversions, or acquisitions, rose 3.8% during the period, the group said in a trading statement for the 17 weeks ended June 29.
Pick n Pay South Africa recorded 3.6% growth in like-for-like sales despite planned store closures under its Store Estate Reset Plan. Meanwhile, Boxer posted a 12.1% increase in turnover, with like-for-like sales rising 3.9%.
“The Group views this as a creditable performance in the context of a highly constrained consumer and continued subdued food price inflation,” said Pick n Pay, the second-largest grocery retailer in southern Africa by turnover.
Boxer, majority-owned by Pick n Pay, was listed separately on the Johannesburg Stock Exchange in
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