South Africa’s Pick n Pay reports flat FY profit, expects tough new year

By bne IntelliNews April 22, 2010
SouthAfrican grocery chain Pick n Pay reported flat FY profit and said it expectedmore difficulty ahead. According to Reuters,one analyst reported the group continues to lose market share and, giventhe cost structure of the company, there is some serious work that needs to bedone. HES rose 1% to ZAR 2.36. Revenue totalled ZAR 55bn, an increase of justunder 8% from the previous year. The agency said South Africa last year exited itsfirst recession in nearly two decades, but household finances remain underpressure and retail sales have been worse than economists expected. In a bid tooffset slack demand at home, Pick n Pay said it was planning to open its firststore in Zambia this year,and had identified sites for expansion into Mauritius.

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