Pick n Pay says its Zimbabwean associate, TM Supermarkets has recorded 75 percent earnings growth in the full year to February 26.
Pick n Pay reported on Wednesday that its share of TM’s earnings grew 74.7 percent last year to R80.2 million, representing growth in local currency terms of 71.8 percent. Pick n Pay holds a 49 percent shareholding in TM Supermarkets, with Meikles Limited holding 51 percent. TM Supermarkets now has 56 stores in Zimbabwe, 16 of which trade under the Pick n Pay banner after adding one branded outlet during the year.
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