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PWK PIK
PWK PIK
PWK/PIK - Pick n Pay Holdings Limited/ Pick n Pay Stores Limited - Trading
statement
Pick n Pay Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009610/06)
Share code: PWK ISIN code: ZAE000005724
Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
Share Code: PIK ISIN code: ZAE000005443
Trading statement
Shareholders are advised that Pick n Pay Holdings Limited and Pick n Pay Stores
Limited are in the process of finalising their results for the 6 months ended 31
August 2010, which are expected to be published on 20 October 2010.
As previously reported, the Group exited the operations of Score Supermarkets
("Score") in the previous financial year and is in the process of selling its
interest in Franklins Australia ("Franklins") both of which are now disclosed as
discontinued operations.
During the 6 months ended 31 August 2009 (prior year reporting period) the Group
realised a capital profit on the sale of properties which is excluded from
headline earnings and has a marked effect on the growth of earnings per share
("EPS") relative to headline earnings per share ("HEPS").
Trading conditions continue to be tough, dominated by highly competitive and low
inflation environments.
Given the disclosure of Score and Franklins as discontinued operations and the
effect of the property profit last year we consider HEPS from continuing
operations to be a more accurate indicator of the performance of the Group.
We expect the results for the 6 months to 31 August 2010 to be lower than the
corresponding period last year in the following decrease ranges:
HEPS and diluted HEPS from continuing operations, between 0% and -15%.
Total HEPS and total diluted HEPS, between -10% and -25%. The reason for this
decrease being higher than continuing operations above is that the Franklins
result includes provisions for employee termination costs following the sale of
Franklins.
EPS and diluted EPS from continuing operations as well as total EPS and total
diluted EPS, all of which include the prior year profit on the sale of
properties, between -30% and -50%.
This forecast has not been reviewed or reported on by the Group`s auditors.
By order of the board
Cape Town
29 September 2010
Sponsor:
Investec Bank Limited
Date: 29/09/2010 11:28:01 Produced by the JSE SENS Department.
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