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 21.8% 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 35.0% on last year. The profit before tax margin is 1.1%, up from 0.9% last year.

Headline earnings per share are 32.3% up on the same period last year. The Group declared an interim dividend of 19.60 cents, up 32.4% 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   R386.6 million   R317.5 million   21.8  
Trading profit margin   1.2%   1.1%    
Profit before tax   R366.8 million   R271.8 million   35.0  
Profit before tax margin   1.1%   0.9%    
Basic earnings per share   54.39 cents   40.05 cents   35.8  
Headline earnings per share   53.98 cents   40.81 cents   32.3  
Interim dividend per share   19.60 cents   14.80 cents   32.4