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.