has posted a weak earnings update, warning of a 20% or greater decline in profits in the first four months of the trading year. However, online sales surged by more than 75%.
In a trading update for the 20 weeks ended 16 July, Pick n Pay said “continued strong sales momentum in Boxer and [in] online [sales] was particularly pleasing”. Group sales rose by 4.8% year on year, lifted by a good top-line performance from the rest of Africa. The real weakness was at Pick n Pay stores in South Africa, where like-for-like sales fell by 0.3%, which was impacted by Eskom’s load shedding.On the bright side, online sales growth for the period was 75.3%, sustaining the “strong growth momentum” reported in the 2023 financial year.
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