Pick n Pay’s share price rose by 2% to R46.86 – which is still down 27% from the start of the year.
On Wednesday, Pick n Pay warned that its headline profit will fall by between 50% and 60% in the six months to end-August. Its sales of liquor and tobacco sales, which were banned for a large part of the lockdown, fell by almost 48%. Clothing sales – partially banned for some time – dropped by 4%. Group turnover increased by 2.6% year-on-year. Prices rose by 3.4% over the six months at its stores.
Sales of food and groceries rose by almost 10% in South Africa. Pick n Pay’s share price rose by 2% to R46.86 – which is still down 27% from the start of the year.
2020 may turn out to be a ‘brilliant’ year for SA agriculture
Amid the economic gloom of the coronavirus disaster and associated GDP plunge, one sector is shining bright.
Much of the agricultural sector is positively booming, following bumper summer crops and with early indications that the winter season could also deliver strong growth.
“The favourable rains that the Western Cape received in the past couple of weeks, and good soil moisture in other provinces has been of immense benefit to the South African winter crops. We can now safely say – with caution, of course, as the season is still at early stages – that South Africa will not only have one of the [best] summer crops seasons but a brilliant agriculture season,” Agricultural Business Chamber of South Africa (Agbiz)’s chief economist Wandile Sihlobo.