Pick n Pay profits up by 23%
Times are tough for South African consumers. Regular power cuts and rising fuel costs during the first half of the year affected spending patterns; something that was felt by the country's biggest retailers.
Having added new supermarkets to its existing chain and reduced its operating costs, Pick n Pay declared a 23% rise in profit - an increase of R322.5 million ($24 million) - for the six months to 30 August 2015. Also during this period, sales rose by 8.5%, with 83 new stores (Pick n Pay and Boxer) opened. Furthermore, the company raised the interim dividend to 24 cents a share - an increase of 24%. For the same period last year, the company saw an increase of R261.9 million.
Pick n Pay said in a statement:
"Trading conditions remain tough in South Africa and other markets, with strong retail competition for customers who are coming under increasing financial pressure at all levels of society."