Chief executive Richard Brasher said on Friday that the results for the 53 weeks to end March 3 were the culmination of plans the company decided to embark on a few years ago.
“In the past six years, we have changed the trajectory of Pick n Pay. We succeeded in reducing costs, improved on the operational activities, pursued a clear and consistent long-term plan focused on building a leaner and fitter business which delivers consistent turnover and earnings growth by providing customers with better value-for-money, improved quality, more innovation and a genuine multi-channel platform with a strong online offer and attractive value-added financial services,” Brasher said.
Despite operating in an economy that grew by 0.8 percent in 2018, with figures from Statistics SA revealing that retail sales increased by 1.1 percent year on year in February, Pick n Pay produced numbers that were ahead of its peers in the industry.
The group reported a 26.1 percent increase in diluted headline earnings per share (Dheps) to 342.37 cents a share. Revenue increased to R90.47 billion, up from R82.49bn, while profit increased to R1.65bn, up from R1.3bn compared to last year, and achieving an internal selling price deflation of 0.3 percent against CPI food of 3.4 percent.