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Retailer Pick n Pay has published its interim results for the six months ended 30 August 2020.
It says the restrictions imposed under the national lockdown resulted in an estimated R2.8 billion in lost sales.
"As a result, comparable headline earnings per share (excluding hyper-inflation in Zimbabwe) were down 56.3% year-on-year, and down 38.6% excluding the once-off costs of the VSP."
However, the Group still managed to increase its turnover 2.6% year-on-year, with like-for-like growth of 1.0%.
"Turnover from South African operations increased 3.4%, with like-for-like growth of 1.7%."
Bruce Whitfield interviews Pick n Pay CEO Richard Brasher.
It's been an unprecedented six months... It was due to the restrictions placed on the businesses by the reaction to Covid rather than Covid itself and it meant that 20% of our turnover was effectively shut for a period of time..
Richard Brasher, CEO - Pick n Pay
You know our sales went up year on year, underlying sales were very strong in the core areas in which we could trade and I'd even go so far as to say that I feel that we're now starting to gain market share within our core grocery and food operation.
Richard Brasher, CEO - Pick n Pay
Brasher also comments on the expansion of their online offering with the just-announced acquisition of the online grocery delivery service Bottles.
We were in partnership with Bottles 18 months ago and they had a good model... obviously when prohibition came in that model was slightly flawed... so we converted it into a grocery application, and a liquor application...
Richard Brasher, CEO - Pick n Pay
We got on so well together that we decided to acquire the business and for the team to join us at the Pick n Pay family.
Richard Brasher, CEO - Pick n Pay
Competition does seem to be heating up a bit... We've seen the very aggressive rollout of Shoprite's Sixty60 offering. Today Woolworths announcing they're going to throw R1 billion at prices. That seems like a direct declaration of war?
Bruce Whitfield, The Money Show host
(chuckles) I've been doing this 35 years... I think it's healthy for customers... We like a bit of competition...
Richard Brasher, CEO - Pick n Pay
Listen to the conversation below:
This article first appeared on 702 : Pick n Pay buys 'Bottles' delivery app after taking R2.8b knock in sales
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