Pick n Pay Group, once technically insolvent, has made a turnaround in its finances in just months. The group's results last year showed it was technically insolvent.
Pick n Pay released its interim results for 26 weeks ended 25 August yesterday, showing its turnaround strategy is making a difference, with its online business booming. Group CEO Sean Summers was confident they would reduce trading losses by as much as 50% for the full year.
Results show it recorded a loss of R827.4 million after tax, which is an increase compared with the same period last year.
"We are steadily progressing to a better-performing and more profitable store estate by closing loss-making stores, converting stores to franchise, or to Boxer," said Summers.
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