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Pick n Pay reports a 373% decrease in net profit, dropping from a R1.17 billion profit to a R3.2 billion net loss.

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GUEST - Pick n Pay CEO Sean Summers
The Group delivered a weak FY24 result to 25 February 2024, driven by a substantial trading loss in the Pick n Pay business, which more than offset a strong performance from Boxer. The result was further impacted by a significantly higher interest charge resulting from increased gearing and a R2.8 billion non-cash store asset impairment in the Pick n Pay business.

27 May 2024 3PM English South Africa Business News · Investing

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