by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – RETAILER, Pick n Pay, lost an estimated R2,7 billion (US$167,88 million) from store closures as a result of the civil unrest and trading restrictions on liquor in 2021.
The retailer disclosed the losses when it released its audited condensed consolidated results for the year ended February 7, 2022.
Group turnover nonetheless increased by 5,2 percent to R99,7 billion.
The Pick n Pay board has declared a final dividend of 185,35 cents per share.
The group’s modernisation programme, has delivered cost savings of R1 billion over the past two years, mitigating the impact of cost escalations, particularly in security and insurance as a result of the civil unrest last July.
Pick n Pay reported stronger customer growth from 40 refurbished Select supermarkets.
The company reported the re-launch of its on-demand grocery offer, Pick n Pay asap!, delivered year-on-year growth of over 300 percent since August 2021.
Last year, South Africa maintained restrictions to curb the spread of COVID-19. Measures included the ban on the sale of alcohol.
The country also suffered unrest after the jailing of former president, Jacob Zuma, for contempt of court.
More than 300 people died in the skirmishes.
– CAJ News