.gif "Cash Connect")
Pick n Pay's Integrated Annual Report
LOCAL RETAIL
Jun 13th 2011, 14:55
The year under review has seen some of the toughest trading conditions in our Group’s history, yielding financial results that can at best be described as disappointing. Our reporting year was characterised by depressed consumer spending, costs rising ahead of internal sales inflation and problematic industrial relations.
This has occurred against the background of an economy that has been sluggish in recovering from the global recession and a retail environment that has become increasingly competitive. The Group’s turnover growth has been modest as customer spending has remained cautious. However, in the face of this, we still generated R1.4 billion in trading profit, not an inconsiderable result.
It was always inevitable that the significant investment we have made in the future of the business would impact on our bottom line. I am, however, in no doubt that this critical expenditure will greatly strengthen the foundations on which our business has been developed
for the past 43 years.
Related Activity
|
29 APR 2011 |
IT has been an exceptionally tough year for Pick n Pay with the economic recession biting particularly hard in the second half of the year.
Related News
Customers reward a better, stronger and clearer Pick n Pay
23/10/2013 - 10:54
In an extremely competitive market, customers have responded positively to decisive action by Pick n Pay to improve the shopping trip. In the first six months to 01 September 2013, the company delivered an improved financial performance over the previous period, growing Group till sales (owned and franchise stores) by 8.1%.
Pick n Pay sheds 400 jobs over costs
02/09/2013 - 10:01
Johannesburg - About 400 Pick n Pay employees will be jobless in the coming months after the company retrenched workers to cut costs.
Major revamp for Auas Valley Mall, Namibia
26/08/2013 - 10:17
The Auas Valley Shopping Centre is a retail gem but it remains rather secluded and exclusive. Its owner, Agra Ltd, intends to change that image. Earlier this month Agra announced a significant upgrading and extension of Auas Valley at a groundbreaking ceremony marking the start of the project.
Nedbank, Pick n Pay launch a first for local banking in Namibia
19/08/2013 - 08:56
Windhoek - In a first for Namibia's banking industry a commercial bank has teamed up with a major retailer to enable the bank's clients to withdraw money at the retailer's cashiers as they are doing their grocery shopping.
Pick n Pay embarks on retrenchment drive
08/08/2013 - 09:03
Cape Town - Pick n Pay hopes to trim jobs across the country as it implements a turnaround strategy, BDLive reported on Wednesday.
