Result summary

Pick n Pay demonstrated encouraging momentum in the first half of the financial year as it embarked on Stage 2 of its long-term plan – to change the trajectory of the business. A stronger sales performance, combined with sound gross margin management and tightly controlled capital and operating costs, drove headline earnings per share up 24.2%.

Turnover growth accelerated to 8.5% from 6.1% in the previous financial year, despite an increasingly challenging market environment. Turnover growth came from a good balance between sales from new stores and improved like-for-like growth of 4.4% – evidence that Pick n Pay is winning back customers with tangible improvements in the customer offer. The Group supported customers with competitive pricing and meaningful promotions over the period, containing internal selling price inflation at 3.0%, well below CPI-food inflation of 4.8%.

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