JOHANNESBURG — South African retailer Pick n Pay Stores Ltd on Friday reported an 18% jump in full-year earnings, as price cuts helped it attract highly cost-conscious shoppers and cope with the difficult trading conditions that have hit other retailers.
The country’s second largest grocery store chain, which pitches itself as a more affordable alternative to the likes of Woolworths and Shoprite’s Checkers, said headline earnings per share (HEPS) were at 326.71 cents ($0.2274) for the 52 weeks to end-February, compared with 276.98 a year earlier.
HEPS is the main profit measure in South Africa that strips out certain one-off items.
In a statement, Pick n Pay CEO Richard Brasher thanked his staff for delivering an “outstanding result in a difficult economy”, attributing success to price
cuts and efficiency gains.
“This result is built on a clear, long-term strategy to create a leaner and more cost-effective business,” he said, adding that Pick n Pay will also have good years in 2019 and beyond.