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Fri 13 Jun 2025
Close: 2 433c 
Day's move: -66c (-2.64%)
Volume: 4 585 548
Trades: 3 464
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Pick n Pay - trading statement
Pick n Pay is currently finalising its results for the 53 weeks ended 2 March 2025 (FY25) which are expected to be released on SENS on Monday, 26 May 2025.
In this regard, shareholders were advised that loss per share (Basic EPS) and headline loss per share (HEPS) are expected to fall within the ranges set out below, an improvement on the Basic EPS and HEPS for the 52 weeks to 25 February 2024, the comparative year:
Reported Earnings Metrics
Basic EPS
- Expected % Improvement: 70% - 90%
- 53 Weeks to 2 March 2025 (Cents per Share): -174.56 to -58.19
- 52 Weeks to 25 February 2024 (Restated, Cents per Share): -581.85
Diluted Basic EPS
- Expected % Improvement: 70% - 90%
- 53 Weeks to 2 March 2025 (Cents per Share): -174.11 to -58.04
- 52 Weeks to 25 February 2024 (Restated, Cents per Share): -580.37
HEPS (Headline EPS)
- Expected % Improvement: 55% - 75%
- 53 Weeks to 2 March 2025 (Cents per Share): -77.49 to -43.05
- 52 Weeks to 25 February 2024 (Restated, Cents per Share): -172.21
Diluted HEPS
- Expected % Improvement: 55% - 75%
- 53 Weeks to 2 March 2025 (Cents per Share): -77.30 to -42.94
- 52 Weeks to 25 February 2024 (Restated, Cents per Share): -171.77
*In line with IAS 33 Earnings per share, the comparative year's earnings per share metrics were restated to reflect the bonus element from the rights issue, reflecting adjustments to the weighted and diluted weighted average shares in issue. In addition, the prior comparative year's earnings have been restated in respect of the correction of an error in the application of IFRS 16 Leases - this adjustment is non-cash in nature, relating to the timing of recognition of IFRS 16 balances and had a minimal impact on earnings per share metrics.
As guided in the Group's interim results announcement published on 28 October 2024, the reduced losses at the HEPS level are due to an improved trading profit in Pick n Pay, a reduction in second half interest charges as a result of the successful execution of the Group's two-step Recapitalisation Plan, and sustained trading profit growth in the Group's majority-held subsidiary, Boxer Retail Limited. At the Basic EPS level, the improvement was also aided by a substantial reduction in impairments, declining from R 2.4 billion in FY24 (net of tax impact) to less than R0.5 billion in FY25.
While the guided result signals a very meaningful FY25 earnings recovery, the Group continues to incur a loss within the Pick n Pay segment on a trading profit after lease interest basis, and the Group cautions that this is likely to remain the case for some time.
FY25 result announcement and presentation
Shareholders were advised that the Group plans to release its FY25 financial results on SENS at 7:05am on Monday, 26 May 2025. An online results presentation will follow at 8:30am. Stakeholders are invited to register for the results presentation webcast via the following link: www.corpcam.com/PnP26052025. The slides accompanying the result presentation will be available on the Pick n Pay Investor Relations website at www.picknpayinvestor.co.za shortly before the commencement of the presentation. A playback of the webcast will be made available on our website approximately 2 hours after the presentation.
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Pick n Pay - board changes
The Board is confirmed that James Formby, currently serving as Lead Independent Director, will succeed Gareth as Chair of the Board, effective from the conclusion of the Annual General Meeting on 5 August 2025.
The Board is pleased to announce the appointment of Pooven Viranna as an independent non- executive director and a member of the Audit, Risk and Compliance Committee, with effect from 1 June 2025.
David Friedland will retire as an independent non-executive director and member of the Audit, Risk and Compliance and Finance and Investment Committees, with effect from the 2025 AGM. The Board extends its sincere appreciation to David for his ten years of dedicated service to the Group and, in particular, for his outstanding contribution to the Audit, Risk and Compliance Committee. David's deep expertise in technical accounting standards, risk governance and compliance has been a significant asset to the Group.
In support of the Group's efforts to strengthen the independence of Board committees, Suzanne Ackerman has elected to step down as Chair of the Social, Ethics and Transformation Committee (SETC). Suzanne will remain a valuable member of the SETC, with the role of Chair being assumed by independent non-executive director, Haroon Bhorat, effective 26 May 2025.
The Board announced that CEO Sean Summers has extended his contract with the Group and will continue in his role until May 2028. This extension ensures continuity and stability in the leadership team during a period of significant strategic transformation. It also allows for a considered and deliberate succession process, including a comprehensive handover period in due course.
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Pick n Pay Stores Ltd. - Disclosure of significant
The company has issued a statement regarding an interest in shares.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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