<\/p>\n
Pick n Pay says it expects its half-year losses to decline by at least 25% following an improvement in the group\u2019s trading profit. At most, it projects losses would narrow by 35%.<\/p>\n
This is again mostly thanks to its standout performer, Boxer.<\/p>\n
Read:
Pick n Pay appoints former Woolies Food boss as CEO-designate
Pick n Pay wants to give CEO more shares to achieve turnaround<\/p>\n
The discount retail chain delivered trading profit growth and the Pick n Pay segment delivered a moderately reduced trading loss.<\/p>\n
The group released a trading statement for the 26 weeks ended 30 August 2026 on Thursday.<\/p>\n
\u201cThe group notes that the large percentage reduction in the expected headline loss per share is partially a function of the relatively small absolute H1 FY26 headline loss (R439 million), which means that a moderate reduction in the absolute headline loss leads to a relatively large percentage change,\u201d the retailer said.<\/p>\n
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Snapshot of Pick n Pay\u2019s first half projections<\/p>\n<\/p>\n
Image: Sens<\/p>\n
Pick n Pay plans to release its half-year financial results on Sens on Monday.<\/p>\n
Withdrawal of Section 189A consultation process<\/p>\n
In a stunning turnabout in the retailer\u2019s retrenchment plans, the group also confirmed a breakthrough agreement with the majority labour union, the South African Commercial Catering and Allied Workers Union (Saccawu).<\/p>\n
The exact details of the agreement are unknown, except that: \u201cShareholders are advised that Pick n Pay has reached agreement with Saccawu, its primary labour partner, marking a successful conclusion to the consultation process.<\/p>\n
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\u201cAs a result, the Company has formally withdrawn the consultation process initiated in terms of Section 189A of the Labour Relations Act.\u201d<\/p>\n
Pick n Pay declined to provide further details before the release of the interim results.<\/p>\n
Read:
Pick n Pay initiates Section 189 process to reset labour cost base
Store reset weighs on PnP sales, but underlying growth improves
Can fragile Pick n Pay survive a debilitating strike?<\/p>\n
Earlier this year, it announced it was tackling the high cost and inflexibility of its store staffing as the next step in its long-term turnaround strategy, which continues under CEO Sean Summers.<\/p>\n
While the affected labour union claimed it would lead to job losses in the thousands, Pick n Pay rebutted that the process is not \u201cintended\u201d to reduce headcount, but rather to \u201cbring the retailer\u2019s labour practices more into line with its competitors, to compete on an even footing\u201d.<\/p>\n
PnP share price<\/p>\n
#Pick #Pay #expects #smaller #losses #Boxer #heavy #lifting<\/p>\n","protected":false},"excerpt":{"rendered":"
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