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Pick n Pay narrows interim loss as Boxer lifts sales

Published

Pick n Pay's interim headline loss narrowed by nearly 32% to R299 million in the half-year to August, while sales at its South African company-owned stores rose 2.4%. The share price rose about 3% by lunchtime on Monday.

Group turnover rose 2.4% to R60.5 billion, and group like-for-like growth was 1.8%. Boxer sales rose 6.3% to R24 billion. Sales in the rest of Africa rose almost 11% to R1.68 billion. Total revenue in the South African business fell 0.5% to R35 billion.

Trading profit rose by more than 58% to R490 million. The group gross margin rose 70 basis points to 18.8%. Group net cash was R10 billion, including R7.7 billion within Pick n Pay. The group closed 19 supermarkets in South Africa.

CEO Sean Summers said the Middle East fallout and the inflation it caused had probably cut about 3% from total sales. He said: "For every 1% of total sales that we lose, it equates to about R140 to R150 million of lost income."

Jean Pierre Verster, CEO of Protea Capital Management, said the ship was slowly turning for Pick n Pay. He said the Pick n Pay business still appears on course to break even in financial year 2029. Steph Erasmus, an investment analyst at Anchor, said the business had not turned yet. The share price is down almost 30% over the last year.

Key facts

Who
Sean Summers (CEO of Pick n Pay); Spencer Sonn (CEO-designate of Pick n Pay); Jean Pierre Verster (CEO of Protea Capital Management); Steph Erasmus (investment analyst at Anchor)
What
Pick n Pay released interim results showing 2.4% higher sales at its South African company-owned stores and a narrower interim headline loss of R299 million, boosted by Boxer and reduced losses in the Pick n Pay segment. CEO Sean Summers said the Middle East fallout had probably shaved about 3% off total sales. Shares climbed about 3% by lunchtime.
When
26 October 2026
Where
South Africa, Zambia
Status
Reported

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