South African retailer Pick n Pay has posted turnover growth of 16.4% on the back of strong growth at its African and Australian retail businesses.
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Group turnover rose to ZAR23.7bn (US$2.26bn), with southern African units posting growth of 15.2% while Australian discount retailer Franklins saw sales rise 24.9%.
Trading profit climbed 16.7%, boosted by a small profit at its Frankins chain versus a year ago loss.
Earnings excluding one-time items and the amortisation of goodwill for continuing operations climbed 20% to ZAR425.8m. Diluted headline EPS rose 21.5% to 89.76 cents.
Looking to the full year, Pick ‘n Pay predicted EPS gains of between 10% and 20%.
