Latest news with #GrantPattison
Zawya
5 days ago
- Business
- Zawya
South Africa: Pick n Pay reports 4.3% rise in turnover
South African grocery group Pick n Pay on reported a 4.3% increase in group turnover, lifted by increased sales at its supermarkets and strong growth at discount chain Boxer, despite challenging consumer conditions. Like-for-like sales, which exclude the impact of store openings, closures, conversions, or acquisitions, rose 3.8% during the period, the group said in a trading statement for the 17 weeks ended 29 June. Pick n Pay South Africa recorded 3.6% growth in like-for-like sales despite planned store closures under its Store Estate Reset Plan. Meanwhile, Boxer posted a 12.1% increase in turnover, with like-for-like sales rising 3.9%. "The Group views this as a creditable performance in the context of a highly constrained consumer and continued subdued food price inflation," said Pick n Pay. Boxer, majority-owned by Pick n Pay, was listed separately on the Johannesburg Stock Exchange in November 2024 and competes with Shoprite's Usave and Spar's SaveMor in smaller towns, townships, and rural areas. Separately, Pick n Pay announced the appointment of Grant Pattison as an independent non-executive director designate. Pattison, a former CEO of Edcon and Massmart Holdings, will join the board in 2026 after completing his current commitments. Pick n Pay continues to navigate challenging economic conditions while focusing on strategic initiatives, including its Store Estate Reset Plan aimed at optimising profitability. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
TimesLIVE
5 days ago
- Business
- TimesLIVE
Pick n Pay Group turnover lifted by Boxer, on course for break even
Grocery retailer Pick n Pay on Tuesday reported a 4.3% increase in group turnover, buoyed mainly by strong growth in its discounter business Boxer, which it spun out and listed last year. Like-for-like sales, which exclude the impact of store openings, closures, conversions or acquisitions, rose 3.8% during the period, the group said in a trading statement for the 17 weeks ended June 29. Boxer, majority-owned by Pick n Pay, was listed separately on the Johannesburg Stock Exchange in November 2024 and competes with Shoprite's Usave and Spar's SaveMor in smaller towns, townships and rural areas. The discounter reported a 12.1% increase in turnover, with like-for-like sales rising 3.9%. "The group views this as a creditable performance in the context of a highly constrained consumer and continued subdued food price inflation," Pick n Pay said. Its subsidiary Pick n Pay South Africa recorded 3.6% growth in like-for-like sales, despite planned store closures and conversions under its store estate reset plan. It said it was making progress with its store reset and business restructuring plans, which are aimed at helping its core supermarket business break even in the medium term. At its annual results presentation in May the group said a trading loss in the Pick n Pay business narrowed by R1bn to R549m and it anticipated the business to break even by 2028. Pick n Pay, the second-largest grocery retailer in southern Africa by turnover, also announced the appointment of Grant Pattison as an independent non-executive director designate. Pattison, a former CEO of Edcon and Massmart Holdings, will join the board in 2026 after completing his current commitments.
Reuters
6 days ago
- Business
- Reuters
South Africa's Pick n Pay reports 4.3% rise in turnover
JOHANNESBURG, Aug 5 (Reuters) - South African grocery group Pick n Pay (PIKJ.J), opens new tab on Tuesday reported a 4.3% increase in group turnover, lifted by increased sales at its supermarkets and strong growth at discount chain Boxer (BOXJ.J), opens new tab, despite challenging consumer conditions. Like-for-like sales, which exclude the impact of store openings, closures, conversions, or acquisitions, rose 3.8% during the period, the group said in a trading statement for the 17 weeks ended June 29. Pick n Pay South Africa recorded 3.6% growth in like-for-like sales despite planned store closures under its Store Estate Reset Plan. Meanwhile, Boxer posted a 12.1% increase in turnover, with like-for-like sales rising 3.9%. "The Group views this as a creditable performance in the context of a highly constrained consumer and continued subdued food price inflation," said Pick n Pay, the second-largest grocery retailer in southern Africa by turnover. Boxer, majority-owned by Pick n Pay, was listed separately on the Johannesburg Stock Exchange in November 2024 and competes with Shoprite's (SHPJ.J), opens new tab Usave and SPAR's (SPPJ.J), opens new tab SaveMor in smaller towns, townships, and rural areas. Separately, Pick n Pay announced the appointment of Grant Pattison as an independent non-executive director designate. Pattison, a former CEO of Edcon and Massmart Holdings, will join the board in 2026 after completing his current commitments. Pick n Pay continues to navigate challenging economic conditions while focusing on strategic initiatives, including its Store Estate Reset Plan aimed at optimising profitability.
