Pick n Pay group turnover rises 2.7% as Boxer grows 7.2%, core Pick n Pay flat

A woman uses a trolley as she shops at a Pick n Pay store at Maponya mall in Soweto. (Reuters, Siphiwe Sibeko)

• Group turnover ⁠increased 2.5% on a like-for-like basis, ​while its core Pick n Pay segment ​recorded flat turnover year on year, although like-for-like sales grew 2.6%.
• Discount retailer Boxer continued to outperform, ​with turnover up 7.2% and up ​2.2% on a like-for-like basis.
• Within South Africa, Pick ‌n ⁠Pay turnover fell 0.4%, reflecting the completion of planned closures or conversions of underperforming company-owned supermarkets as part of the ​group's turnaround ​strategy.
• Its ⁠South African company-owned supermarkets, which account for most of Pick ​n Pay's domestic sales, delivered like-for-like ​sales ⁠growth of 3.3%, with implied like-for-like volume growth of 2.0%.

The retailer said market ⁠conditions ​remained challenging, citing weak ​economic growth, elevated fuel prices and subdued food inflation.