Pick n Pay narrows half-year losses
The country's third biggest grocery retailer reported a loss before tax and capital items of R317m in the 26 weeks to August 31 compared to a loss of R1.1bn last year.
Pick n Pay has been battling to regain some of its market share that it lost to one of its main competitors Shoprite.
The group said its turnover grew by 4.9% to R58.8bn, driven by a 13.9% rise in Boxer's turnover, its discounter business that it spun out last year, and a 0.1% growth in the Pick n Pay segment.
Group trading profit rose by 273.5% year-on-year to R310m, lifted partly by a 931 million rand Boxer trading profit but softened by R621m trading loss in its Pick n Pay business.
"The multi-year journey of returning Pick n Pay to a profitable and future fit business continues to be tackled in a purposeful and methodical manner," said the company in a statement.