South African retailer Pick n Pay Stores Ltd said on Tuesday it plans open its first operation in Nigeria by 2018, while its Ghana operations will starts toward the end of 2017.
According to the chief executive Richard Brash, the company posted a 23.7 percent rise in half-year profit as it continued to cut costs in a tough trading environment.
He said headline earnings per share (HEPS) rose 23.7 percent to 82.43 cents from 66.62 cents per share for the half-year to end-August.
"The Pick n Pay turnaround plan remains firmly on track. We are improving our shopping trip, introducing more products, becoming ever more efficient, and reducing our costs," Brasher said in a statement.
In a tough trading environment with sluggish economic growth, depressed consumer confidence and heightened competition, the firm said it improved trading profit margin to 1.5 percent from 1.3 percent of turnover.
Pick n Pay, which also trades in Namibia, Zimbabwe and Zambia, said it is on track with developing its operations in Ghana and Nigeria.
Pick n Pay, which also trades in Namibia, Zimbabwe and Zambia, said it is on track with developing its operations in Ghana and Nigeria.
Group turnover at 37.4 billion rand, increased 7.2 percent on last year, while headline EPS is the main profit measure in South Africa and strips out certain one-off items.
Directors have declared an interim gross dividend of 29.90 cents per share out of income reserves.
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