South Africa · Delayed Price · Currency is ZAR · Price in ZAc Pick n Pay Stores Earnings Call Transcripts
Fiscal Year 2026
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Group turnover rose 3.4% to ZAR 120bn, driven by Boxer’s 12.3% growth, while Pick n Pay segment declined 1.6% but saw like-for-like sales recovery. Profitability improved due to interest benefits, but break-even is delayed by labor cost reset and rising expenses.
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Turnover grew 4.9% year-over-year, with headline loss improving 45% and cash reserves at ZAR 5.1 billion. Store reset and operational investments are driving like-for-like sales growth, while Boxer and clothing segments show strong performance. Break-even is targeted by FY 2028.
Fiscal Year 2025
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The AGM highlighted leadership transition, board refresh, and a challenging financial year with early signs of recovery. Strategic focus remains on operational turnaround, governance, and ESG, with all resolutions passed and management committing to greater transparency and stakeholder engagement.
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Stabilization and recapitalization efforts led to improved financials, with group turnover up, losses narrowing, and operational momentum building. Focus remains on sustainable growth, estate optimization, and digital innovation amid a tough consumer environment.
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Turnover rose 3.7% to ZAR 56.1bn, driven by Boxer’s double-digit growth and market share gains. Gross margin contracted, but cost control and recapitalization improved net gearing. The Boxer IPO and turnaround plan are set to strengthen the balance sheet and drive future growth.
Fiscal Year 2024
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The meeting approved all resolutions, including the Boxer IPO and share capital reduction, with strong shareholder support. Concerns about retail investor exclusion from the IPO were addressed, emphasizing regulatory compliance and efficiency. All results will be published on SENS.
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Shareholders approved all special resolutions, including a major rights offer, share capital changes, and governance amendments, to support a turnaround and recapitalization plan. The meeting also confirmed a new CEO and a planned reduction in majority voting control.