{"id":10040,"date":"2012-04-18T16:23:57","date_gmt":"2012-04-18T14:23:57","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/update-2-pick-n-pay-misses-profit-expectations\/"},"modified":"2012-04-18T16:23:57","modified_gmt":"2012-04-18T14:23:57","slug":"update-2-pick-n-pay-misses-profit-expectations","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-pick-n-pay-misses-profit-expectations\/","title":{"rendered":"UPDATE 2-Pick n Pay misses profit expectations"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* FY diluted headline EPS 157.67 vs 186.14 last year<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Analysts expected EPS of 171.5 cents<\/p>\n<p><span><\/span><\/p>\n<p>* FY sales up 8 pct to 55.3 bln rand<\/p>\n<p> (Adds details, deputy CEO quotes)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, April 18 &#8211; South Africa&#8217;s No.2 food retailer,<br \/>\nPick n Pay, reported a 15 percent fall in full-year<br \/>\nprofit on Wednesday, missing expectations, hit by costs related<br \/>\nto its shopper loyalty programme and investments in its supply<br \/>\nchain.<\/p>\n<p><span><\/span><\/p>\n<p>Pick n Pay said diluted headline earnings per share for<br \/>\ncontinuing operations fell 15.3 percent to 157.67 cents in the<br \/>\nyear to end-February, below the average estimate of 171.52 cents<br \/>\nin a poll of 12 analysts by Thomson Reuters.<\/p>\n<p><span><\/span><\/p>\n<p>Headline earnings are the main profit gauge in South Africa<br \/>\nand exclude certain one-off and non trading items.<\/p>\n<p><span><\/span><\/p>\n<p>While consumers warm up to spending in Africa&#8217;s biggest<br \/>\neconomy thanks to lower interest rates, Pick n Pay has yet to<br \/>\nsee the benefits as it is spending heavily to improve its supply<br \/>\nchain and protect market share as competition intensifies.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We have another two years of heavy investment in our<br \/>\ntransformation plan, and so the degree to which we are going to<br \/>\ncarry on growing from now on is going to be muted,&#8221; deputy CEO<br \/>\nRichard van Rensburg told a results presentation.<\/p>\n<p><span><\/span><\/p>\n<p>Inflationary pressure on consumers and a sluggish economy<br \/>\nadded an &#8220;element of fragility&#8221; to recovery at the family-run<br \/>\ncompany, he added.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* FY diluted headline EPS 157.67 vs 186.14 last year * Analysts expected EPS of 171.5 cents * FY sales up 8 pct to 55.3 bln rand (Adds details, deputy CEO quotes) JOHANNESBURG, April 18 &#8211; South Africa&#8217;s No.2 food retailer, Pick n Pay, reported a 15 percent fall in full-year profit on Wednesday, missing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10040","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10040"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10040\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}