By Nqobile Dludla
South Africa’s Pick n Pay reported a wider half-year loss on Monday, reflecting trading losses in its core supermarkets business alongside higher borrowing costs, but said its full-year performance would be stronger.
The country’s third-biggest grocery retailer reported a loss before tax and capital items of 1.1 billion rand ($62 million) in the 26 weeks to Aug. 25, compared to a loss of 837.2 million rand last year.
Overall group turnover grew by 3.7% to 56.1 billion rand, with like-for-like sales growth of 2.9%.
“It is a year ago that I said…to you that it will get worse before it gets better and these results that we just posted, are a manifestation of that,” CEO Sean Summers told investors.
“But I can share this with you, quietly and confidently that the worst is behind us.”
The group expects full-year earnings in its financial year 2025 to be
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