Grocery store chain says three-year process might turn out to be longer, in spite of the steady progress<\/p>\n
PICK N PAY says its turnaround plan is on track, but it will take time to see the full results. | PHANDO JIKELO African News Agency (ANA)<\/p>\n
(PHANDO JIKELO African News Agency (ANA))<\/p>\n
PICK N PAY has said its financial turnaround will be a multi-year process, but by even those standards, what its management had hoped might be a three-year process might now turn out to be longer, in spite of the steady progress made, CEO Sean Summers admitted yesterday.<\/p>\n
The group, South Africa\u2019s second biggest grocery store chain, launched a recovery plan late 2023 to restore profitability, simplify operations, and revive the core supermarket business. Its financial results for the 52 weeks to March 1 saw the operating loss reduce by 5.4% to R386 million.<\/p>\n
\u201cWhile Pick n Pay\u2019s trading loss increased, the business is fundamentally stronger than two-and-a-half years ago as a result of the action we have taken and the investments we made,\u201d Summers said. \u201cWe now have the balance sheet strength to support our return to profitability, but achieving break-even in Pick n Pay requires the successful execution of all six strategic initiatives, including the recalibration of our employment costs.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Grocery store chain says three-year process might turn out to be longer, in spite of the steady progress…\n","protected":false},"author":2,"featured_media":251121,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[145909,145906,138,145913,219,145904,145903,145912,4974,145907,58661,145905,145900,111,139,69,145911,145901,145910,145908,145902],"class_list":["post-445424","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-android-magazine","tag-best-magazine","tag-business","tag-digital-magazines","tag-economy","tag-free-magazine","tag-free-magazines","tag-ipad-magazine","tag-magazine","tag-magazine-subscription","tag-magazines","tag-magazines-for-smartphones","tag-magzter","tag-new-zealand","tag-newzealand","tag-nz","tag-online-digital-magazine","tag-online-magazine","tag-online-pdf-magazine","tag-pdf-for-smartphones","tag-pdf-magazine"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/445424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=445424"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/445424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/251121"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=445424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=445424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=445424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}