Pick 'n Pay (Facebook)
JSE-listed food retailer Pick n Pay has delivered a disappointing set of financials for the six months ending August 2023.
The retailer is blaming elevated load-shedding costs for constraining its ability to compete with its peers.
According to a report in Moneyweb, Pick 'n Pay reported a 97.5% loss in trading profit for the 26-week period, coming in at R31.8 million compared to R 1.253 billion in the comparable 2022 period.
The retailer says its performance would have come in much stronger had it not had to foot a R396 million bill for diesel to operate generators during load shedding and sustain R596.8 million in incremental abnormal costs.
These costs include R259 million for employee restructuring, R190 million in net incremental energy costs, and R116 million for duplicated supply chain costs.
Pick 'n Pay hopes the recent reappointment of Sean Summers as CEO will steep the retailer towards growth and profitability.
For more on this story visit moneyweb.co.za
