Pick n Pay reveals that load shedding costs them R522m
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GUEST: David North, Chief Business Transformation Officer at Pick n Pay
Pick n Pay says it has delivered an “encouraging performance” in its financial results for the year ended 26 February 2023, despite the damaging impact of load shedding on its bottom line. The group said that its underlying earnings were ahead of the broadly flat guidance in previous communication to the market; however, the additional costs of running diesel generators, especially in the second half of the trading year, affected profits. The group’s turnover increased by 8.9%, with Boxer’s sales growing by 20.2%. Boxer also opened 60 new stores, with 200 additional stores expected by FY26.
Pick n Pay says it has delivered an “encouraging performance” in its financial results for the year ended 26 February 2023, despite the damaging impact of load shedding on its bottom line. The group said that its underlying earnings were ahead of the broadly flat guidance in previous communication to the market; however, the additional costs of running diesel generators, especially in the second half of the trading year, affected profits. The group’s turnover increased by 8.9%, with Boxer’s sales growing by 20.2%. Boxer also opened 60 new stores, with 200 additional stores expected by FY26.
