Retail Giant Pick ‘n’ Pay has said their profits in Zimbabwe have declined by 6% in the period February 2018 to March 2019. They have attributed the decline to the currency and fiscal adjustments made by the government during the operational year leading to March 2019.
Said Pick n Pay in its group results:
Group performance anchored by a strong result from the core South Africa division, with turnover growth of 7,4 percent (5,2 percent like-for-like) and profit before tax up 23,8 percent. The South Africa performance mitigated some operating challenges experienced outside its borders. Earnings from the Rest of Africa division (are) down 16,2 percent year-on-year, reflecting difficult economic conditions in Zambia and the once-off impact of currency devaluation in Zimbabwe
Pick n pay holds a 49% stake in retail chain stores TM Supermarkets.
More: Sunday News