Pick n Pay warns of “difficult” conditions
Pick n Pay has warned that market conditions in South Africa remain “difficult” and were likely to continue being so in the second half of its fiscal year.
In a trading statement, the group also said earnings per share are expected to grow by 15%-25% in the first half, below market expectations. Sales, meanwhile, grew by 8.5%, an improvement from the 6.1% growth in the same period last year. The group will offer detailed results later in October.
The group said its results in the first half were boosted by promotions, adding that it was “encouraged by the momentum it is achieving in delivering its plan, combining greater operational efficiency with an increasingly strong customer offer”.
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