JOHANNESBURG- Pick n Pay posted their full year profit for February 2017 and end of February 2018 financial year, they reported a increase from R14.5 billion in 2017 to R15.3 billion the group announced on Thursday.
The headlines earning increased by 7.1% from 258.65 cents to 276.98c per share.
Pick n pay cut their staff last year, introducing a voluntary severance pay that decreased their workforce by 10%. They said this programme helped them have more efficient and increased productivity from staff.
The company said in a statement, “While the cost of the VSP has impacted profits in 2018, the group is confident that the positive impact of the programme, both on sales and profit, will deliver further momentum in the 2019 financial year,”
Group Chief Executive Officer Richard Brasher said in a statement, “In the first six months, we acted boldly and decisively to reduce our costs and increase our productivity through the VSP and other programmes,”
“By doing so we built a leaner, fitter and stronger Pick n Pay, and gave ourselves the headroom to reduce our prices from the second half of the year.”
The company said due to the listeria outbreak they acted in a responsible manner to provide a responsible and add “certainty” to their customers.
Gareth Ackerman, Pick n Pay chairperson said, ” We withdrew products from the affected manufacturers immediately. We established that our own products were not affected,”
“We went even further and said that, if customers were concerned, we would take back products which were not affected – without quibble or question.”
Photo Credit- Savannah Mall
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