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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 year ended 28
February 2011, which are expected to be published on 18 April 2011.
As previously reported, the Group exited the operations of Score Supermarkets
("Score") in the previous financial year and is in the process of exiting from
Franklins Australia ("Franklins"), both of which are now disclosed as
discontinued operations.
During the year ended 28 February 2010 (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 in the second half of the year were particularly tough due
to:
The adverse effect of a Pick n Pay national labour strike during our peak
trading period and it`s after effects;
Cost inflation exceeding internal selling price inflation; and
Our continued investment in gross margin.
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 year to 28 February 2011 to be lower than the
corresponding period last year in the following decrease ranges:
HEPS and diluted HEPS from continuing operations, between -10% and -25%.
Total HEPS and total diluted HEPS (including Score and Franklins), between
-15% and -30%.
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 -25% and -40%.
This forecast has not been reviewed or reported on by the Group`s auditors.
By order of the board
Cape Town
31 March 2011
Sponsor:
Investec Bank Limited
Date: 31/03/2011 08:00:18 Produced by the JSE SENS Department.
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