PnP to open first store in Ghana in 2016
In the 26 weeks to end-August, the retailer said it opened six stores outside its home market - three in Namibia, one in Zambia and two in Zimbabwe.
"The group's franchise operations outside SA, in Botswana, Lesotho, Namibia and Swaziland, delivered strong turnover growth over the period. The group is in the early stages of developing a business in Ghana and will open its first store in that country in the 2016 calendar year," the retailer said.
In the period under review, Pick n Pay reported a 19.7% surge in trading profit to R461.6m and an 8.5% increase in turnover to R34.9bn compared with the year-earlier period.
Headline earnings per share (HEPS) for Pick n Pay Holdings were up 24.2% to 32.94c while HEPS for Pick n Pay Stores increased 23.4% to 66.62c.
Pick n Pay stores declared an interim divided of 24.20c and Pick n Pay Holdings declared one of 11.60c per share.
The group said its performance during the period had been achieved "in a tough market" with consumer confidence at a serious low in the face of a weaker rand and escalating living costs.
"Trading conditions remain tough in SA and other markets, with strong retail competition for customers who are coming under increasing financial pressure at all levels of society. Against this background, the group has remained focused on improving its operational efficiency and delivering greater value and a better shopping trip for customers.
"The group is focused on maintaining this momentum throughout the year," said chairman Raymond Ackerman.