Pick n Pay expects increase in profit

Pick n Pay has said it anticipates its full-year profit to increase between 15 and 20 percent, bolstered by disciplined cost measures and higher productivity in stores. Headline earnings per share for the 52 weeks ending February 2017 will be between 257.65 and 268.85 cents per share, compared to 224.04 cents per share in 2016.

The company said in a statement:

"Greater operating efficiency is evident in the strong discipline on cost, more centralised supply chain and higher productivity in stores."

The South African retailer said that turnover growth of seven percent reflects a difficult trading environment, with slow economic growth, depressed consumer confidence and increased competition weighing heavily on companies in this sector.

The firm is expected to release its full-year results on 19 April.

Pictured: Bakar Jakoet, Pick n Pay CFO