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Mon 10 Nov 2025
Close: 2766c 
Day's move: -16c (-0.58%)
Volume: 1 545 025
Trades: 2 671
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Revenue for the period increased to R60.6 billion (R57.8 billion), with gross profit nudging up to R10.7 billion (R10.0 billion). Trading profit rocketed to R310.0 million (R83.0 million). Loss for the period attributable to equity holders of the parent narrowed to R496.0 million ( loss of R827.0 million). Furthermore, headline loss per share dipped to 59.77 cents per share (headline loss of 136.60 cents per share).
Results webcast
The Group will hold an in-person and online results presentation at 8:30 on 27 October 2025. All interested stakeholders are invited to watch the webcast, which can be accessed using the following link: www.corpcam.com/pnp27102025. The slides accompanying the results presentation, which will include information on the Group's strategy, 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.
Company outlook
H1 FY26 saw steady progress in the Group's profit recovery. Boxer's strong H1 FY26 performance was the result of outstanding operational execution, and Boxer will continue to drive its store rollout as it captures its substantial long-term structural growth opportunity.
Within Pick n Pay, much has been achieved. Accelerated like-for-like sales growth shows that customers are once again choosing Pick n Pay, and the gross profit margin recovery demonstrates that this is a sustainable recovery. The project to exit unprofitable stores has been successfully executed, with 65 loss-making, company-owned supermarkets expected to have been closed or converted by the end of FY26. This, taken together with stores that have become profitable, or have good prospects of becoming so, means that this leg of the strategic plan will largely be concluded by the end of the financial year. Pick n Pay Clothing opened its 400th stand-alone store as it expanded its reach and delivered further market share gains, with turnover growth of 12.0% (7.5% like-for-like). Online sales recorded solid double-digit growth, underscoring the Group's growing competitiveness in the digital retail space.
However, Pick n Pay continues to be loss making at the trading profit level, with company owned supermarket like-for-like sales growth lagging slightly behind like-for-like operating cost growth in the reporting period. 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.
On a full-year FY26 basis, the Group expects the Pick n Pay segment trading loss to be broadly in line with FY25. This is because Pick n Pay continues to invest in critical skills to rebuild retail excellence to facilitate the achievement of the trading profit after lease interest break even target.
In the 6 weeks post period-end, the Pick n Pay segment's South African supermarket like-for-like sales growth was approximately in line with that achieved in H1 FY26.
We thank all Boxer and Pick n Pay colleagues, and our valued franchise partners, for their commitment and contribution as we rebuild and energise the Group for a prosperous future.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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