Outlook Despite a challenging year, Pick n Pay's improved performance over the last six months gives management confidence in the work that it have done in repositioning the group for the future, and gives Pick n Pay good momentum into the financial year. A significant portion of the company's transformation strategy has been implemented. Turnover growth for the year was 8. The increased turnover growth is the result of a number of factors, the most influential of which is the growth in the number of active customers in our smart shopper loyalty programme, which now stands at over 5 million.
The operational results for the second half of the financial year have shown a marked improvement. However, as reported with our interim results, the group's continued investment in its strategy has had a negative impact on profit growth for the year. The primary costs in this regard are the upfront launch costs of smart shopper, the implementation of specialist category buying and the continued investment in our central distribution system, all of which will improve future operating efficiencies and enhance our ability to serve our customers.
The group completed the sale of Franklins Australia "Franklins" on 30 September The net proceeds from the sale were R1. The profit on the sale of Franklins is not included in headline earnings. The operational results of Franklins and the profit on sale of Franklins are disclosed as a discontinued operation. Pick n Pay announced that CEO Nick Badminton would resign from the board of Pick n Pay effective the end of the financial year but would be available to assist the company and its chairman in the transition period.
During the global search for a new CEO, Pick n Pay chairman Gareth Ackerman will move to executive chairman responsible for company strategy and working with the leadership team to embed the changes in the business, while preparing the company for succession. Deputy CEO Richard van Rensburg will assume day-to-day operational responsibility, backed by the dynamic team of executives at the company to further implement changes in Pick n Pay. The search will include internal candidates and external candidates, both local and international.
According to Business Report, retailer Pick n Pay has reportedly boycotted some of its suppliers who did not agree "to drop their prices so that customers can benefit". Products by Kellogg, Simba, Johnson - Johnson, Listerine, Aquafresh, Pampers and other brands have confirmed being put on ice at the company's Swaziland operations. The move, according to a notice posted at a Pick n Pay store in Mbabane, was part of a combined boycott against expensive suppliers at Pick n Pay's international head office in South Africa.
Peter Arnold, Pick n Pay's head of food merchandising commented: "Most of our suppliers have responded well and we have negotiated new pricing. But some have not responded as well and are sticking to previously decentralised pricing despite the cost savings to them. Pick n Pay announced that the company and SACCAWU had reached an agreement that would result in no forcible retrenchments due to operational requirements, and a flexible workforce.
The agreement allows for a flexible workforce of both full-time and variable-time employees VTEs under changed working conditions. This will allow Pick n Pay to have the right number of employees in the business at the right times, in line with customer trends and demands. This in turn will provide for a flexible workforce, which will translate into a more efficient business. Pick n Pay confirmed that it offered voluntary early retirement and this was taken up by some employees.
In addition, the numbers of employees considered for retrenchments reduced over the period that consultations took place for various reasons including dismissal, resignation and retirement. The sale of Franklins to Metcash was completed on 30 September Turnover increased by 7. Gross profit rose to R4. Net attributable profit decreased to R In addition, headline earnings from continuing operations fell by Dividend An interim ordinary dividend of Outlook Pick n Pay has seen encouraging turnover growth, above the market for the first time in a few years, however the investments we have made in transforming Pick n Pay into a world class retailer have had a material impact on earnings.
The most significant of these are the launch and set up of the loyalty programme Smart Shopper, the investment in building a specialised category buying function, and supply chain improvements. These initiatives will enable the group to better serve customers in the future. The core of the company's strategy is focused on realising the full potential of the South African businesses. To do so Pick n Pay is closely focused on improving the customer offer and streamlining operations.
Steady growth into Africa continues. Pick n Pay now has two stores in Zambia, both trading extremely well, and the first store in Mozambique opened in June , with the first store opening in Mauritius just after the six month period. In the next six months the group will open two more stores in Zambia, one in Mozambique and two in Mauritius. Pick n Pay is making good progress in transforming the business. Although challenges lie ahead, management believes in its people and in this exceptional group. Shareholders were advised that Pick n Pay and Pick n Pay Holdings Ltd "the Group" are in the process of finalising their results for the six months ended 31 August , which are expected to be published on or about 19 October As the group completed the sale of Franklins Australia "Franklins" on 30 September it continues to be disclosed as a discontinued operation.
The net proceeds from the sale were approximately R1. The transaction will only be accounted for in the second half of the financial year.
Notwithstanding the decision to complete the sale, the ACCC's appeal has been expedited with a three day hearing scheduled to begin on 24 October The groups confidence in a successful outcome has been boosted by the comprehensive judgment in their favour in the Federal Court in late August and by the court's denial of the ACCC's application for an interim injunction.
Turnover growth for the six month period at 7. The group attribute the increased turnover growth to a number of factors, one of the most influential of which is the introduction of the smart shopper loyalty programme launched in March , which now has over 4 million customers. To accelerate its transformation into a globally competitive retailer, the group has continued to invest significantly in its transformation strategy.
This investment has had a material profit impact in the current six month period. Main contributors to this are the upfront launch costs of smart shopper, the planning for a specialist category buying organisation and the continuous investment in an efficient centralised distribution system, all of which will greatly improve our ability to serve our customers. Business Day highlighted that Pick n Pay extended its African footprint with a new store opening in Mauritius.
As competition intensifies in SA, local retailers have looked offshore for growth. Pick n Pay head of group enterprises Dallas Langman said the company also plan to open stores in Malawi and Angola in the future. Mr Langman added that based on comprehensive research and assessment, Mauritius has one of the most successful and competitive economies in Africa, providing further impetus for investment into the country. The company added that it hoped to open two more stores in Mauritius next year. Pick n Pay and Metcash completed the sale of Franklins to Metcash which was originally announced in July Metcash is now responsible for the management of the business.
The completion of the sale follows the decision by the Federal Court of Australia to dismiss an application by the Australian competition regulator, the Australian Competition and Consumer Commission ACCC , for an interim injunction to prevent completion of the sale before the ACCC's appeal could be heard and decided. The hearing of the application followed commencement of proceedings by the ACCC in November opposing the transaction.
According to Business Report, Pick n Pay is South Africa's most engaging brand, according to a survey by marketing consultancy Yellowwood. Yellowwood said technology, new thinking and new ideas had changed the world of communications dramatically and brands were more interactive with their target audience. Pick n Pay announced the appointment of a deputy chief executive officer who will serve as an executive director to the board of Pick n Pay, reporting to CEO Nick Badminton. Richard van Rensburg, who was elected a non-executive director in , will become an executive member of the board for a three year period, effective 1 October He will be heading up the company's dedicated business transformation team and is charged with implementing the company's change programme.
The two month extension has been agreed in light of the fact that the parties are still awaiting judgment in their Federal Court action in Australia with the ACCC. Business Report noted that Pick n Pay has opened its first store in Mozambique in the capital, Maputo. The group plans to open two more outlets in the latter half of , and is looking for other opportunities in the country so that it can grow in Southern Africa.
Shareholders were advised that, at the annual general meeting of the company held in Cape Town on Friday, 10 June , all the resolutions contained in the notice of the annual general meeting dated 29 April were passed by the requisite majority of shareholders. Business Day reported that Pick n Pay announced that it is confident of a positive outcome when the Australian Federal Court hands down judgement on the sale of Pick n Pay's Australian chain, Franklins, at the month-end.
The Australian Competition and Consumer Commission began legal proceedings in the federal court last year to prevent the proposed sale of Franklins by Pick n Pay to Metcash. Pick n Pay agreed to extend the cut-off date in its deal on the disposal of the issued shares in Interfrank Group Holdings from Jun 30 to July 31, in expectation of the court's decision.
This is the second time the two companies have had to extend the cut-off date for the R1. Should it not be approved, Pick n pay may be forced to sell off pockets of stores to different buyers in a process that could take a long time and will not yield the R1. The one month extension has been agreed in light of the fact that the parties are still awaiting judgment in their Federal Court action in Australia with the ACCC. Planet Retail global research director, Natalie Berg, said Pick n Pay would have been "much more complimentary" to Walmart. In addition, the UK's largest retailer, Tesco, has been rumoured to have held discussions with Shoprite and Pick n Pay executives.
Nevertheless, Berg commented that "Pick n Pay is a match made in heaven for Tesco. No change statement Shareholders are advised that the Pick n Pay consolidated annual financial statements "Integrated Annual Report" for the year ended 28 February will be posted to shareholders today. The Integrated Annual Report contains no modifications to the earnings reported in the reviewed condensed consolidated results published on 18 April , however certain balance sheet reclassifications have been made.
Notice of annual general meeting The notice of the annual general meeting will be posted to shareholders today, included within the Integrated Annual Report. The annual general meeting of Pick n Pay will be held at 09h00 on Friday, 10 June in the conference center of the registered office, Pick n Pay Office Park, Rosmead Avenue, Kenilworth, Cape Town with video conferencing facilities available in the conference centre of our Johannesburg office at Pick n Pay Office Park, 2 Allum Road, Kensington to transact business as stated in the notice of the annual general meeting.
Further to the announcement on 19 May , Bakar Jakoet succeeded Dennis Cope as chief finance officer, and was appointed as a director of Pick n Pay, effective 29 April Shareholders were advised that on 19 April the company received the results of its arbitration hearing on its right to terminate a labour flexibility and mobility agreement with the SACCAWU union.
The arbitrator resolved that the company did have the right to terminate the agreement and that the notice period of such termination was not unreasonable. The company is in the process of analysing the judgement. Business Day reported that Pick n Pay chairman Gareth Ackerman announced that the company would not change its dividend policy despite criticism from analysts who say the policy is stunting the retailer's growth. We are in a strong change phase. We believe we'll come back to strong cash flow generation" Ackerman commented. Pick n Pay's dividend policy decision could also depend on the outcome of a court case to prevent its proposed sale of Franklins in Australia to Metcash.
The judgement is expected before June 30, the company said of the deal which could add R1. Shareholders were advised that, following the voluntary announcement of the reviewed condensed consolidated results for the year ended 28 February , released on SENS, the annual report for both Pick n Pay and Pikwik is expected to be posted on or about 17 May Turnover for the year ended February increased by 5. Gross profit rose to R9. Furthermore, headline earnings per share from continuing operations weakened by Dividend The directors declared a cash dividend of General comments The group is disappointed in the result, but would like to give credit to the Pick n Pay team for achieving an enormous amount under trying conditions.
As the group has communicated before, they are in the process of positioning Pick n Pay for the future, and strongly believe that their strategic initiatives will build a sound platform for future growth and continued success in the medium to long term.
Why I Love Wuhu Deals (Unilever Deals) Coupons
Shareholders are advised that Pick n Pay and Pick n Pay Holdings Ltd "Pikwik" are in the process of finalising their results for the year ended 28 February , which are expected to be published on 18 April As previously reported, the group exited the operations of Score Supermarkets "Score" in the previous financial year and is in the process of exiting from Franklins Australia "Franklins" , both of which are now disclosed as discontinued operations. During the year ended 28 February prior year reporting period the group realised a capital profit on the sale of properties which is excluded from headline earnings and has a marked effect on the growth of earnings per share "EPS" relative to headline earnings per share "HEPS".
Given the disclosure of Score and Franklins as discontinued operations and the effect of the property profit last year we consider HEPS from continuing operations to be a more accurate indicator of the performance of the group. According to Business Day, the battle for a slice of the untapped African retail market continues to intensify as Pikwik announced the opening of a second store in Zambia. In a bid to catch up with competitors, Pikwik said it would extend its footprint in Africa still further and had spent USD3. The company opened its first Zambian store in Lusaka in July and plans to open five more in the country over the next four years.
Pikwik last year said it also planned to open stores in Mauritius, Malawi and Mozambique this year. Business Day reported that Pick n Pay has raised R million to fund expansion as it looks to gain traction over rivals, and to also increase its African footprint. The year-old grocer wants to open 40 more stores across all formats by its financial year-end to March, and aims to open stores in Mauritius, Malawi and Mozambique. There has been a geographical shift in the market as consumers shop closer to home, so the smaller shopping centres and standalone stores have done well.
The funds were raised through the sale of three-month debt paper. The notes issued mature in three months from the date of issue and bear interest at the 3 month Johannesburg Inter-bank acceptance Rate plus a margin of 0. The DMTN Programme will enable Pick n Pay to access short and long term funding, diversify its funding sources, enhance its liquidity position and provide funding flexibility.
The DMTN will be utilised to fund its capital expansion expenditure and working capital as required. A maximum aggregate amount that can be in issue under the programme is limited to R2 billion. Pick n Pay has launched South Africa's first major grocery chain loyalty programme as part of its business strategy, enabling the retailer to build a stronger relationship with its customers in years to come. The total capital investment is some Rmillion. Pick n Pay's new loyalty programme "Smart Shopper" is aligned to global best practice.
- Wuhu Deals | All brands | Unilever South Africa.
- Pick n Pay | Woodlands Boulevard;
- mercedes a class 2019 finance deals.
- heel that pain coupon code.
Over the past few years, Pick n Pay has invested significantly in global and local research. This shows that there are numerous of benefits of well-run loyalty programmes: significantly increased value to the customer; benefits of employing customer-centric retailing strategies across pricing, promotions and ranging; improved trade through very targeted marketing and responding directly to customers' needs; an increase in asset value from taking more customer- centric informed business decisions regarding site acquisition; store re-fits and format planning; roll-out of new services and ranges; and successful joint ventures with suppliers.
Pick n Pay has launched a number of key strategies over the past three years, including creating a more streamlined supply chain. The efficiencies and successes achieved in its major R million distribution centre in Longmeadow, Gauteng, will be followed by the rapid rollout of four distribution centres around the country within the next three years.
In addition, the rollout of the retailing solution, SAP, meets all of Pick n Pay's requirements for comprehensive information. Participation will be extended to other national suppliers after the launch. Importantly, and in keeping with Pick n Pay's sustainability focus, when switching their points, customers will soon be able to elect to donate to a charity or environmental cause instead. The statement of claim sets out the key elements of the ACCC's case.
The ACCC has agreed to an expedited hearing of the case. A timetable for the necessary preparatory steps leading up to the hearing will be established by the Court at a directions hearing on 10 December The ACCC conducted a review of the sale and on 17 November announced that it opposed the transaction. Pick n Pay and Metcash announced on 23 November that they were taking further steps to proceed with the transaction. This resulted in the commencement of legal proceedings by the ACCC to prevent the sale going ahead. As part of an agreement with the ACCC to seek an expedited final hearing of the matter, Metcash has undertaken not to proceed with the sale pending the outcome of the court process.
The ACCC has agreed to lodge its case with the Federal Court by 8 December and to seek an expedited hearing of the case early next year. Pick n Pay welcomes the decision to seek an expedited hearing and is confident in the merits of its legal arguments. Pick n Pay believes the court is the best forum for these arguments to be duly considered. Business Day highlighted that Pick n Pay is hoping to receive a cheque in five days time for its Franklins portfolio after the supermarket and would be purchaser Metcash, said they would push ahead with the transaction despite as Australian regulator blocking the deal last week.
Sydney- based Metcash indicated that it will proceed with the purchase of the 80 corporate and eight franchised stores after a five day notice period, in a move that effectively dares the Australian Competition and Consumer Commission to resort to legal action to halt the sale. The commission has run into criticism from Australian commentators for halting Pick n Pay's planned sale to Metcash.
The senate voted to hold an inquiry into the commission's decision to block the sale, after senators from the predominately rural- constituency National Party argued for the sale to go ahead, adding it would strengthen independent supermarkets. However, after nine months of negotiations and two weeks of strikes, Pick n Pay and the labour unions reached a settlement on wages and conditions of employment, valid for three years, which should reduce the company's disadvantage versus its biggest competitor, Shoprite.
The group has worked hard to regain ground lost to competitors during the consumer boom. The next step for Pick n Pay is to improve its labour productivity. Pick n Pay and Metcash Trading Ltd "Metcash' have agreed to extend the cut-off date in their agreement in relation to the sale to Metcash of Franklins to 30 June Metcash has notified the ACCC that, in not fewer than five business days from 23 November, it intends to take further steps to proceed with the proposed transaction.
Pick n Pay announced a major structural change to the executive management of the group. According to CEO Nick Badminton, the changes were required in order to streamline the company's operations with a firm focus on customer sovereignty, efficiency and area specialisation. Badminton confirmed further changes as part of the announcement. A specialised category-based buying function will be implemented to ensure that each element of the offer is developed with deep understanding of customer needs. Marketing will assume a more strategic responsibility for developing offer guidelines in addition to its traditional advertising and public relations work.
An integrated supply chain team will be established to implement the national supply chain strategy and ensure efficient flow of product to stores. All of these changes will help to support the stores in delivering exceptional customer service. Business Day reported that Pick n Pay has stepped up its growth into the wider African market with the announcement that it plans to open four stores in Mozambique next year.
One of SA's largest supermarket chain's move eastwards comes after reaching a master franchise agreement with Mozambican company Retail Masters. The four stores will all be in the Maputo region. Pick n Pay announced that it had signed a franchise territorial agreement with retail franchising group Retail Masters in Mozambique to further extend its African footprint. Opening in Maputo, the first Mozambican store will be approximately 3 m2 in size. Pick n Pay envisages opening a further three stores before the end of The first four stores will open in the greater Maputo district.
Pick n Pay's expansion into Mozambique follows its first store opening in Zambia in July. Pick n Pay's strategy into Africa has mainly been through partnering with locals and the franchise route, where local experts own the franchise in their own communities. However, there are instances such as with its first store in Zambia, where the company will develop corporate-owned stores. Throughout Africa, Pick n Pay currently operates one store in Zambia four due to open in , seventeen stores in Namibia, twelve in Botswana, seven in Swaziland and one in Lesotho, together with its fifty-one-store network with TM in Zimbabwe.
Wuhu : wuhu | Discount Coupons Website stats and valuation
Business report highlighted that Pick n Pay has increased its stake in TM Supermarkets to 49 percent, an investment that will enable the Zimbabwean supermarket chain to refurbish stores and Pick n Pay to bolster its African expansion strategy. Nick Badminton, the chief executive of Pick n Pay said Meikles and Pick n Pay had entered into a shareholder's agreement to drive the initiative. Certain stores would be re-branded as Pick n Pay to provide a retail experience similar to that in South Africa. Pick n Pay indicated that its African strategy had mainly been through partnering with locals and through franchising, with local residents owning the franchise.
Direct investment was considered on a case by case basis, such as in Zambia. The transaction remains conditional on the approval of the relevant Zimbabwe regulatory authorities and the South African Reserve Bank. The transaction is expected to close by the end of March The TM chain is the largest chain of retail stores in Zimbabwe, by number of stores, with 51 retail outlets. Further into Africa, Pick n Pay currently operates 17 stores in Namibia, 12 in Botswana, 7 in Swaziland and 1 in Lesotho, together with the first Zambian store which opened in July. Direct investment is considered on a case by case basis and the corporate store opened in Zambia is an example of this.
This investment in TM will inject new capital into the business, and allow for much needed refurbishment, including new fittings, generators and point of sale equipment. Specifications, that were under review by the Zimbabwe government, have now been lifted and the relisting of Meikles, the remaining shareholder, was implemented in March on the Zimbabwe Stock Exchange.
TM has done an extremely good job in this business during very difficult times, facing and enduring severe economic deprivation, hyperinflation, currency collapse and an erratic merchandise availability. According to Finweek, technology and distribution might help Pick n Pay catch up with its competitors. Absa Asset Management's Chris Gilmour commented that "in the eighties and nineties, Pick n Pay was way ahead of the pack. But it let its position slip and is now making a comeback via SAP. On the distribution side, which Pick n Pay is trying to centralise, Gilmour said having your suppliers deliver directly to you is much cheaper.
Pick n Pay's new distribution centres should help the retailer reach its goal of raising its trading margin from 2. Pick n Pay announced that after nearly ten years as marketing director, Jonathan Ackerman would move to a newly created position of customer director. This new position would enable even greater focus on the founding principle of Pick n Pay, being consumer sovereignty - addressing all issues pertaining to customer service and customer needs. Pick n Pay has announced the appointment of two independent non-executive directors to the board of Pick n Pay.
Lorato Phalatse and Alex Mathole will be joining the board effective 1 November According to Business Day, Pick n Pay chairman Gareth Ackerman will this week fly to Australia to lobby antitrust regulators over the planned sale of its Franklins supermarket chain to Australian-listed wholesaler and retailer Metcash. Pick n Pay has opened a new Hurlingham store in northern Johannesburg. The new flagship store targets wealthy customers, with additions such a fish counter, a wine cellar and an in-house cafe. It is the first of 15 new supermarkets that the company plan to open by the end of the financial year in February.
RMB Morgan Stanley's Danie Pretorius highlighted that Pick n Pay have an opportunity to expand their footprint at the lower end of the market and possibly into some rural territories. The company is also looking to expand its African operations. It has opened its first store in Zambia, and plans four more stores in Mauritius, Malawi, Mozambique, and Zambia in the next year.
A three-year strategic map is on the cards that the company will report in April, which will also include capital raising plans. Group turnover was recorded at R Gross profit increased to R4. However, profit for the period declined to R In addition, headline earnings per share from continuing operations was down at Dividend An interim dividend of 37cps has been declared for this period.
Prospects The group expects trading conditions in the second half of the year to remain difficult, as the after effects of the recession continue to be felt. The focus on the group's strategy will ensure that Pick n Pay continues to be a strong and formidable player in the retail industry. The group has already made great strides in transforming Pick n Pay, and with its strong and energetic management team, it remains optimistic for the future.
This included its strategy to effect the timely exit of the Australian business in the event the deal previously announced is not approved by the Australian Competition and Consumer Commission ACCC. The alternative exit strategy is the sale of the Franklins stores and other strategic assets individually or in groups via a tender process. However, the company said it would continue to work closely with the ACCC to secure approval of the proposed sale to Metcash as its preferred option, and was confident in its arguments to persuade the ACCC to approve it.
Given the concerns raised in the ACCC's Statement of Issues and the fact that Pick n Pay has received no other offers for the business since the strategic review was announced in April this year, Pick n Pay considered it appropriate to initiate the alternative exit strategy. Pick n Pay expects to receive initial offers for the stores and brands by 26 October In conjunction with its advisors, Pick n Pay will then assess and progress offers received for stores and brands so that it can move to complete the alternative exit strategy in a timely fashion, should the proposed sale of the Franklins business to Metcash not proceed.
Shareholders were advised that Pick n Pay Holdings Ltd and Pick n Pay are in the process of finalising their results for the 6 months ended 31 August , which are expected to be published on 20 October As previously reported, the group exited the operations of Score Supermarkets "Score" in the previous financial year and is in the process of selling its interest in Franklins Australia "Franklins" both of which are now disclosed as discontinued operations. During the six months ended 31 August prior year reporting period the group realised a capital profit on the sale of properties which is excluded from headline earnings and has a marked effect on the growth of earnings per share "EPS" relative to headline earnings per share "HEPS".
Trading conditions continue to be tough, dominated by highly competitive and low inflation environments. Given the disclosure of Score and Franklins as discontinued operations and the effect of the property profit last year we consider HEPS from continuing operations to be a more accurate indicator of the performance of the Group. The reason for this decrease being higher than continuing operations above is that the Franklins result includes provisions for employee termination costs following the sale of Franklins.
The ACCC released a statement of issues seeking further information on certain competition issues which have arisen from its market enquiries to date. Consequently, the date for the satisfaction of all conditions for the transaction has now been extended to 30 November Further announcements will be made as appropriate.
TM Supermarkets, majority owned by Meikles Africa, is Zimbabwe's biggest supermarket retailer, with 50 outlets across the country. According to Business Report, Pick n Pay will invest R million in its supply chain and distribution system in an effort to match competitors. Pick n Pay launched its first major distribution centre in Longmeadow, Gauteng. The new centre's efficiencies will enable the rapid rollout of four more distribution centres around the country. The Sunday Times Business Times quoted analysts as saying that Pick n Pay should use the AUD million it receives from selling its struggling Australian business, Franklins, to compete more effectively in South Africa and expand its footprint in the region.
Pick n Pay entered the Australian market via the acquisition of Franklins and Fresco stores in The decision to sell Franklins followed a strategic review which commenced several months ago. This review confirmed the excellent progress made by Franklins' management team and staff in transforming the business. However, the Board felt that the Franklins business had not yet achieved critical mass and the decision was made to find an investment partner or purchaser for the business. The unsolicited offer from Metcash at a compelling price, which reflects the greater strategic value of Franklins to Metcash than under Pick n Pay's ownership, was then received and accepted.
Franklins operates 77 corporate retail supermarkets in New South Wales, Australia, that sell food and general merchandise. They also supply 8 independent franchisees trading as Franklins Family supermarkets. The proceeds of the sale will be utilised by Pick n Pay for various strategic business enhancement initiatives in southern Africa. As part of the transaction it is mutually agreed by Franklins and Metcash that they will withdraw all current litigation against each other. Shareholders were advised that, at the annual general meeting of the company held in Cape Town on Friday, 18 June , all the resolutions contained in the notice of the annual general meeting dated 10 May were passed by the requisite majority of shareholders.
The special resolution will be submitted for registration at the Companies and Intellectual Property Registration Office in due course. Shareholders are advised that the Pick n Pay consolidated annual financial statements annual report for the year ended 28 February will be posted to shareholders on Tuesday, 25 May , and contain no modifications to the reviewed condensed consolidated results "results" published on 21 April The notice of the annual general meeting will be posted to shareholders on 25 May , included with the annual report.
The annual general meeting of Pick n Pay will be held at 09h30 on Friday, 18 June in the conference center of the registered office, Pick n Pay Office Park, Rosmead Avenue, Kenilworth, Cape Town, , to transact business as stated in the notice of the annual general meeting. At the same time, the company also announced that current company secretary Gary Lea has been appointed retail finance director on the Pick n Pay retail management board. Pick n Pay re-released their results announcement for 28 February that was released in the morning of 21 April because certain date headings were transposed in the reviewed operating segment report.
There are no other reported errors. Turnover increased from R Profit attributable to ordinary shareholders decreased to R1. Headline earnings for continuous operation on a per share basis increased to Dividends per share A final dividend of Prospects The competition commission investigation into food pricing is ongoing and the group continued to give the process the full co-operation.
The group expects trading for the first six months of the financial year to remain difficult. However, the group is confident that the group will start to reap the benefits of the strategic initiatives by: expanding the store footprint, continuing to improve the shopping experience of the group's customers, driving operating efficiencies through supply chain, SAP and operating cost reductions. All of these initiatives position the group well to benefit from the anticipated upturn in the economy.
On 25 February the JSE Ltd approved the delisting of 25 ordinary shares in the capital of the company, following the repurchase and cancellation of these shares. This represents 5. The cancellation of these shares has no financial impact on the headline earnings diluted and undiluted and earnings diluted and undiluted of the Pick n Pay Stores Ltd. Following the cancellation the company has ordinary shares in issue of 1.
Pick n Pay's strategy with regard to the black consumer market may be paying off, according to the Financial Mail. The company's decision to close down its loss-making Score brand is leading to good results. The retailer's new tagline "Inspired by You" may also have helped. Nielsens have subsequently backed up the figures Pick n Pay presented at its half year end results last week, which show that Pick n Pay had increased its market share over the 12 month period August 08 to August 09 by 0.
The numbers quoted by Nielsen then substantiate the fact that Pick n Pay is indeed South Africa's largest supermarket chain, and by a considerable margin. Pick 'n Pay's chief executive Nick Badminton raised concerns about pending electricity hikes during yesterday's presentation of the group's results for the six months to August, warning that higher electricity costs did not bode well for business.
Electricity costs grew from 3. Pick n Pay chairman Raymond Ackerman announced that he would be retiring the chairmanship of the company effective 1 March The position has been changed to a non-executive one in line with corporate governance recommendations. Jonathan Ackerman and Suzanne Ackerman-Berman, currently alternate directors on the Pick n Pay board, will become full time directors, replacing Raymond and Wendy Ackerman. Gareth Ackerman will vacate the chairmanship of Pikwik and Raymond Ackerman will be interim chairman of Pikwik. With immediate effect, Hugh Herman has also been appointed as lead non-executive independent director of Pick n Pay.
Turnover rose by Net attributable profit for the period improved to R In addition, headline earnings grew to Dividend A interim ordinary dividend of Outlook The Competition Commission investigation into food pricing is ongoing and Pick n Pay continues to give the process our full co-operation. Notwithstanding the worst recession in decades, Pick n Pay has still delivered headline earnings growth and has not been distracted from introducing the strategic imperatives and changes to the business that were required. The company has seen substantive change and investment in the business over the last three years and the period ahead will see even more.
While many of these improvements have already begun to reap benefits eg Score conversions, private label, fresh foods, SAP others such as supply chain will deliver their full potential in the longer term. Pick 'n Pay's franchising strategy could prove to be a winning formula for the food retailer in it's effort to penetrate mass markets, particularly the Soweto market where it's competitor, Shoprite, has been operating since Traditionally one would only find a Pick 'n Pay store in the high income areas but today the company boasts a handful of supermarkets in the townships.
It has converted 32 of it's under performing Score stores into Pick 'n Pay family stores, some in Soweto and other lower-end market areas. That is definite competition for Shoprite, which caters for the lower end of the market. Pick n Pay Stores is pleased to announce the appointment of Richard van Rensburg as an independent non-executive director and Suzanne Ackerman-Berman and Jonathan Ackerman as alternate directors of the company. After graduating, Richard Joined Ernst and Young where he became a partner in He has also been a board member of Massmart, Woolworths and the Wooltru Group.
In Richard founded an Information Technology Services Company called Affinity Logic supplying and servicing retail focused businesses which grew to people with a turnover of R million per annum. Richard retired from the company but maintained a vested interest in the merged group which is now the dominant player in its market in South Africa.
Richard also runs his own private investment company. As part of his duties as an independent non-executive director, Richard will also be appointed as a member of the Group Audit, Risk and Compliance Committee. All three of the abovementioned appointments are effective 30 June Business Day reported that Pick n Pay expects full-year revenue growth to be higher than South Africa's inflation rate.
In defence, Ackerman gave pointed to Pick n Pay's shrinking profit margins to prove that the company was not involved in any collusion to push up prices. Ackerman also believes that the economy is beginning to turn. Shareholders are advised that the Pick n Pay consolidated annual financial statements for the year ended 28 February will be posted to shareholders today, and contain no modifications to the reviewed condensed consolidated results published on 23 April The annual report is also available on our website www.
Their unqualified audit report is presented in the annual report and is available for inspection at the registered office of the company.
- How does Pick n Pay's smart shopping work? - Retailer News.
- Couponing in South Africa?
- You are using an outdated browser.
- nikon d70 deals.
Notice of Annual General Meeting The notice of the annual general meeting will be posted to shareholders today, included with the Annual Report. The annual general meeting of Pick n Pay will be held at 09h30 on Friday, 12 June in the conference center of the registered office, Pick n Pay Office Park, Rosmead Avenue, Kenilworth, Cape Town, , to transact business as stated in the notice of the annual general meeting.
Analyst Paul Steegers commented that BoA sees "little downside risk in the short term given the potential to deliver double-digit earnings growth. Pick n Pay is set to expand further into Soweto with the opening of its fifth and sixth stores, according to Business Day. Until December , the group had no presence in the area.
CEO Nick Badminton commented that the company's move to grow into the mass market was paying off. Group turnover from continuing operations at R Trading profit from continuing operations rose by Attributable profit for the year increased to R1 billion R Headline earnings per share from continuing operations at Dividend The final dividend per share of Prospects Given the tough trading conditions and the investment phase Pick n Pay is in, management is pleased with this result.
Pick n Pay remains optimistic for the year ahead due to strategic investments now starting to bear fruit, the relief brought to customers by lower interest rates and reducing inflation. Pick n Pay forecasts improved growth in headline earnings per share over that achieved for Business Day reported that Pick n Pay won the franchisor of the year award from the Franchise Association of Southern Africa for its work in promoting franchising.
Neal Quirk, franchise director of Pick n Pay commented that Pick n Pay's "franchisees are well selected, trained, supported and provided with a successful model". BP and Pick n Pay's joint venture for Pick n Pay to sell convenience goods and fuel at the fuel group's service stations is making progress. The retailer said on Friday, 13 February it expected further information later in the year, but so far the two stores that had been piloted were showing encouraging results.
Business Day reported that Pick n Pay has summoned its suppliers to an urgent meeting to discuss high and rising food prices, which have continued upwards despite a recent decline in fuel prices. CEO Nick Badminton wrote to suppliers that "in many cases, we are being asked by our suppliers for considerable cost price increases". Badminton describes this as "untenable - and in the case of our customers and the media, indefensible".
Pick n Pay is requesting its suppliers to exercise "serious restraint" with respect to price hikes. Badminton says that foreign retailers could use South Africa as a launching pad into the rest of Africa, but they would find South African retailers, such as Pick n Pay, already there.
Badminton says that "in the next year or two we will look to slowly creep into Africa" and that there are good opportunities in Angola and Nigeria. Business Day noted that Pick n Pay has been voted the world's best retailer by the National Retail Federation, an international retail organisation. Business Report noted that Pick n Pay's festive sales have exceeded expectations. The group forecasted "solid growth" for despite a consumer slowdown. Among the positives that the company pointed to are interest rate cuts and a lower fuel price. Business Report noted that Pick n Pay has been made a constituent of the Top40 index in its latest quarterly shuffling.
Pick n Pay will benefit from inclusion as it will increase the company's visibility to local and global investors and attract large investments through funds that track the index. According to Business Report, Fitch has affirmed Pick n Pay's credit rating, noting the "defensive nature of the food retail business" and highlighting the group's consistent sales growth.
Fitch affirmed Pick n Pay's long-term credit rating at A plus with a stable outlook and its short-term rating at F1. Pick n Pay's Australian unit, Franklins, reported a profit in the six months to August for the first time, according to managing director Aubrey Zelinsky. Business Report noted that operating profit, before interest and capital profits was R1.
In addition, Pick n Pay's performance in South Africa was likely to continue to improve, especially with its private label branding, rebranding of the Score Supermarket chain under the Pick n Pay name and increased efficiencies.
All Badminton's plans, such as the continued software upgrade and its new Longmeadow distribution facility, have proceeded as promised. Turnover was up Operating profit increased to R Net attributable profit for the period rose to R Prospects The current turmoil in world markets is of concern, with further tightening of economic conditions. Despite this challenge, all strategic investments will position Pick n Pay very well for the future.
The group remains confident that Pick n Pay will achieve good growth in headline earnings per share, from continuing operations, for the full financial year. Pick n Pay, and leading petroleum company, BP, have combined forces in a pilot programme set to change the face of petroleum retailing and convenience shopping in South Africa. While a formal agreement between fuel and convenience retailers is not new to South Africa, what is different about this agreement is that Pick n Pay will not only retail convenience goods on the service station forecourt, but will also retail fuel.
BP will act as landlords and as fuel wholesalers, with Pick n Pay as the franchisee. The two companies, which signed a memorandum of understanding in July, will open two pilot sites in the Cape by the end of Roll out will be dependent on success of the model, but both companies are confident the joint venture will bring multiple benefits not only to the two companies, but especially to South African customers increasingly pressed for time and in search of efficient and affordable convenience retailing.
The roll out would involve further expansion concentrated on BP's top national sites, with the existing BP Express stores being phased out. Diesel will be discounted from the first day of trading. Petrol, which remains strictly regulated by government, will be sold at the prevailing price until such time as government loosens its control on fixed prices.
The agreement brings into play key strengths of both businesses, and will fulfil the need for Pick n Pay to expand its small store format while creating new entrepreneurs and ensuring the sustainability of small businesses. In terms of the agreement between the companies, which involves both existing and potential new sites, BP is to act as landlord and fuel supplier, and Pick n Pay is to act as the tenant, operating both the forecourt and the on-site Pick n Pay Express convenience store.
Where an existing BP franchisee has tenancy, the franchise agreement will, by agreement be converted to a Pick n Pay Express franchise. Pick n Pay Express stores are intended to replace the current BP Express stores, offering a range of Pick n Pay fresh and convenience items, specifically identified to meet the needs of convenience shoppers, including a Wild Bean Cafe. Business Day reported that Pick n Pay is expected to see faster growth by after completing its restructuring.
The group plans to refurbish supermarkets, develop and convert franchises and open new outlets in an intensive roll-out programme. Shareholders are advised that Pick n Pay is in the process of finalising its interim results for the six months ended 31 August As previously reported the group is in the process of closing the Score Supermarkets "Score" operation.
The majority of Score's trading sites are to be sub-let to historically disadvantaged franchisees for operation as Pick n Pay Family stores, with the balance being taken over by Boxer or ceded outside the group. Pick n Pay is therefore treating the results of Score as a discontinued operation and consider the results of the continuing operations to be a more accurate indicator of the performance of the group. The group is expecting the following increase ranges over the corresponding period last year.
According to Business Report, Pick n Pay is launching a small format convenience store on Tuesday, 23 September , to begin luring suburban convenience shoppers away from Spar and Woolworths. Cobus Barnard, Pick n Pay's convenience stores general manager, said that the new Daily store, in Fairland, Johannesburg, will be better than Spar on groceries and match Woolworths on fresh lines.
Pick n Pay director Gareth Ackerman commented that rising inflation would have little effect on sales, reported Business Day. Ackerman said that sales were still rising in Pick n Pay's stores, and that he saw no reason to cut the company's growth forecast. Business Day reported that Pick n Pay intends growing by expanding in underdeveloped areas. It will do this mainly by converting Score stores into Pick n Pay franchises. The group aims to open supermarkets in areas where it does not have a presence.
It was announced at the AGM of the company on 11 June that, with immediate effect, David Robins would be retiring from his executive position in the company due to ill health. However, until further notice Mr Robins will remain on the board of directors as Deputy Chairman but in a non-executive capacity. At the annual general meeting of the company held in Cape Town on Wednesday, 11 June , all the resolutions contained in the notice of the annual general meeting dated 5 May were passed by the requisite majority of shareholders.
The special resolution will be submitted for registration at the Registrar of Companies in due course. Shareholders are advised that the Pick n Pay consolidated annual financial statements annual report for the year ended 29 February will be posted to shareholders on 20 May and contain no modifications to the reviewed condensed consolidated results published on 22 April The notice of the annual general meeting will be posted to shareholders with the annual report, and notice is hereby given that the annual general meeting of Pick n Pay will be held on Wednesday, 11 June in the conference center of the registered office, Pick n Pay Office Park, Rosmead Avenue, Kenilworth, Cape Town, , to transact business as stated in the notice of the annual general meeting.
On 12 May the following executives were granted share options over ordinary shares at a price of R All share options granted are of a direct beneficial nature and were approved by an executive director. Group turnover at R The trading profit increased by Operating profit rose to R1. Headline earnings per share at Dividend Final ordinary dividend number 80 of cps Prospects The conversion of the accounting systems to SAP throughout the group is ongoing with the conversion of the Western Cape, Eastern Cape and KwaZulu-Natal regions, together with the corporate accounting office, now complete.
The remainder of the Pick n Pay Retail divisions are due for conversion over the next 18 months. As we continue to implement the group's strategy, as set out in various financial reports presented during the year, the main focus areas for the coming year include the continued conversions of Score stores to Pick n Pay Family stores, enhancements to the efficiency and throughput of our new distribution centre at Longmeadow, improvements to organisation, and further enhancements to the Fresh food offer.
The board is confident that the group will achieve an acceptable growth in headline earnings for the financial year, and with the significant investment taking place, strong growth for the years thereafter. Business Day noted that the demand came a year after Pick 'n Pay had agreed to a 7. At the annual general meeting of the company held in Cape Town on Friday, 15 June , all the resolutions contained in the notice of the annual general meeting were passed by the requisite majority of shareholders.
The special resolutions will be submitted for registration at the Registrar of Companies in due course. Further details would be available once the transaction had been finalised. Commenting on the future of its Franklins stores in Australia Raymond Ackerman, chairman of Pick 'n Pay, told Business Report, "we will consider what we will do if we don't get near to, or break even this year.
A lot will depend on franchising. Pick 'n Pay employees belonging to the Commercial, Catering and Allied Worker's Union are on a go-slow at certain stores. Business Day noted that the reason was attributed to a wage dispute. On 24 April the following executives were granted share options over ordinary shares at a price of R All share options are of a direct beneficial nature and were approved by an executive director.
Analysts were, according to the Business Report, eagerly awaiting news on the future of Pick 'n Pay's lossmaking Australian operation Franklins as international speculation was that Metcash Australia might be interested in buying it. How does earning one point per Rand compare to other loyalty programmes in South Africa? One point per rand spent is comparable to other local loyalty programme such as Clicks, Body Shop and Exclusive Books.
In addition to these base points, customers will also earn bonus points through promotional offers and quarterly shopping sprees. Are there levels of membership? No, all our customers are treated the same. Not at all. It is entirely by funded PnP and its suppliers and there is absolutely no cost to consumers. What is to prevent a competitor from offering to accept PnP points in their stores? Technologically this would not be possible as the card bin number for switching purposes is registered solely to PnP.
At launch are there any supplier partners? Additional suppliers will be invited to participate post-launch. Is Boxer included? Not at this stage. Only corporate and franchise stores in SA. Are all PnP stores included? Online shopping will follow in a couple of months. What security measures are in place to protect customer information? Will PnP be able to manage its data such that it specifically targets customers who show specific trends and preferences in their monthly shop? Yes, and that is obviously one of the key strengths of the programme.
The approach will initially be cautious and generic until such time as we have sufficient data to better segment customers. This segmentation approach commences as soon as we begin to collate sufficient shopping data. Will this apply to the current Discovery deal on food? Home Events Event Listings. Executive Search Recruitment Services. Distribution Sales and Merchandising Technology Warehousing.