South African grocery retailer Pick n Pay (PIKJ.J), opens new tab, reported on Monday a smaller loss before tax, saying it reflected success strategic initiatives.
The country’s third biggest grocery-retailer reported a loss before tax and capital items of 317 million rand ($18.31 million) in the 26 weeks to August 31, compared to a loss of 1.1 billion rand last year.
Pick’n Pay has been battling to regain some of its market share that it lost to one of its main competitors, Shoprite.
The group said its turnover grew by 4.9% to 58.8 billion rand, driven by a 13.9% rise in Boxer’s turnover, its discounter business that it spun out last year, and a 0.1% growth in the Pick n Pay segment.
Group trading profit rose by 273.5% year-on-year to 310 million rand, lifted partly by a 931 million rand Boxer trading profit but softened by 621 million rand trading loss in its Pick n Pay business.
“The multi-year journey of returning Pick n Pay to a profitable and future fit business continues to be tackled in a purposeful and methodical manner,” said the company in a statement.
-Reuters