South Africa’s second largest grocery retailer Pick ‘n Pay reported sales growth of 9.8% to ZAR54.7bn (£4.2bn) in its financial year ended February 28.
Trading profit for the year slid 2.5% to ZAR1.65bn (£145.5m), as margins were undermined by price cuts in basic foods. The retailer reported double-digit growth in fresh food and private-label sales.
Pick ‘n Pay is planning to push international expansion by opening its first company-owned store in Zambia by the middle of this year. It has also signed franchise partners in Mozambique and identified sites for expansion into Mauritius.