PICK N PAY POSTS HIGH PROFIT GROWTH

Customers exit a Pick n Pay Stores Ltd. supermarket in Johannesburg, South Africa, on Monday, July 25, 2011. Pick n Pay Stores Ltd., South Africa's second-biggest grocer, this month said it plans to fire 3,137 workers, or 8.6 percent of its workforce, to trim labor costs. Photographer: Nadine Hutton/Bloomberg

JOHANNESBURG – Pick n Pay recently reported that they were retrenching many of their employees in their stores.

Their retrenchment programme is said to have the effect of removing 10% of roles and functions across Pick n Pay.

They had not released how many employees have accepted the voluntarily separation programme yet.

Despite this retrenchment programme being in progress Pick n Pay has reported profit growth. Their profit growth that was posted by Pick n Pay was of 15% growth in after tax profit.

They have raised their interim dividend by 12%.

Pick n Pay had also reported pre-tax profit growth of 14.6% to R605.2M and their after-tax profit by 15% to R438.8m.

The store has opened over 40 new stores in 2017 alone.

They have opened 4 new stores in other countries. They opened one new store in Namibia and three new stores in Swaziland.

These have contributed to their profit growth.

The Pick n Pay chain continues to grow as they open new stores.

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