South Africa's Pick 'n Pay H1 Earnings up 15.5 Pct

Posted 17 October 2006 @ 09:20 am EET     Print     Reprint     E-Mail     Comments

JOHANNESBURG (Reuters) - South African supermarket group Pick 'n Pay said first-half headline earnings per share rose by 15.5 percent and it expected to achieve real earnings growth in the current year.

Pick 'n Pay, 53 percent owned by Pick 'n Pay Holdings, said on Tuesday headline EPS for the six months to end-August was 63.85 cents while turnover rose 10.3 percent to 18.617 billion rand.

Shares in the group sank 1.82 percent to 30.76 rand, underperforming a 0.03 percent decline in the retail sector index.

On the group's prospects for the next half, the group's Chief Executive Officer Sean Summers said it remained very confident going into the Christmas period.

The country's buoyant consumer demand has boosted the country's retailers over the past couple of years, despite the three interest rate increases over the course of the year.