Unaudited interim condensed consolidated results for the 26 week period ended 31 August 2014

Measured progress in a challenging market

Pick n Pay delivered a substantially improved profit performance for the half-year ending 31 August 2014, demonstrating sustained progress against our plan to improve the business.

A determined focus on cost control and operating efficiency is strengthening our business and is continuing to drive our profit growth in a challenging trading environment. Trading profit increased by 21.7% on last year. Improved working capital management resulted in stronger cash balances and a considerable saving on net interest paid, driving profit before tax up 34.9% on last year. The profit before tax margin is 1.1%, up from 0.9% last year.

Headline earnings per share are 31.0% up on the same period last year. The Group declared an interim dividend of 9.40 cents, up 30.6% on last year.

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Key financial indicators

26 weeks to 
31 August 
26 weeks to 
1 September 

Total till sales  R37.4 billion  R35.0 billion  7.1 
Turnover  R32.1 billion  R30.1 billion  6.8 
Gross profit margin  17.7%  17.9%   
Trading profit  R385.7 million  R317.0 million  21.7 
Trading profit margin  1.2%  1.1%   
Profit before tax  R365.9 million  R271.3 million  34.9 
Profit before tax margin  1.1%  0.9%   
Basic earnings per share  26.72 cents  19.86 cents  34.5 
Headline earnings per share  26.51 cents  20.24 cents  31.0 
Interim dividend per share  9.40 cents  7.20 cents  30.6