Pick n Pay’s load shedding bill shoots past R500 million

Pick n Pay says it has delivered an “encouraging performance” in its financial results for the year ended 26 February 2023, despite the damaging impact of load shedding on its bottom line.

The group said that its underlying earnings were ahead of the broadly flat guidance in previous communication to the market; however, the additional costs of running diesel generators, especially in the second half of the trading year, affected profits.

The group’s turnover increased by 8.9%, with Boxer’s sales growing by 20.2%. Boxer also opened 60 new stores, with 200 additional stores expected by FY26.

Pick n Pay South Africa’s sales growth was 4.3% (3.5% Like-for-like), but sales were impacted as the group began implementing its new customer value proposition (CVP).

Moreover, the fully converted Pick n Pay QualiSave stores achieved more than 10% in sales growth post-conversion.

Pick n Pay clothing also recorded 15.3% sales growth from its