JOHANNESBURG, April 10 South African retailer
Pick n Pay Stores Ltd said on Monday it expects
full-year profit to increase between 15 to 20 percent, buoyed by
disciplined cost measures and higher productivity in stores.
* Headline earnings per share (HEPS) for the 52 weeks ended
February 2017 will be between 257.65 and 268.85 cents per share
compared to 224.04 cents per share in 2016.
* "Greater operating efficiency is evident in the strong
discipline on cost, more centralised supply chain and higher
productivity in stores," the company said in a statement.
* Pick n Pay, which also trades in Namibia, Zimbabwe and
Zambia, said turnover growth of 7 percent reflects a difficult
trading environment, alongside some internal disruption from
refurbishments and store closures.
* Sluggish economic growth, depressed consumer confidence
and heightened competition is weighing on retailers in South
* Pick n Pay has lost ground in South Africa to rivals such
as market leader Shoprite, after failing to invest in
new stores. But Richard Brasher, a former UK head of Tesco
who took over as Pick n Pay CEO in 2013, is
implementing a plan to win back market share.
* The firm is expected to release its full-year results on
(Reporting by Nqobile Dludla, editing by Pritha Sarkar)