Harare – Zimbabwe might be facing a myriad of challenges, including declining aggregate demand, but Pick n Pay [JSE:PIK], through its associate TM Supermarkets, has managed to charm its way into the hearts of Zimbabweans.
While its biggest opponent OK Zimbabwe is talking of a 4.8% drop in sales in the first quarter to June from the prior year, TM Supermarkets is doing the opposite: recording double-digit growth rates in sales and earnings.
In a report accompanying Pick n Pay’s results for the half-year ended August 28 2016, CEO Richard Brasher said the group’s share of the profits of TM Supermarkets had grown by 53.7% in local currency terms.
“TM Supermarkets, the group’s associate in Zimbabwe, delivered a strong result in a difficult trading environment,” said Brasher.
“The group’s share of TM’s earnings grew 81.5% on the same period last year to R28.5m, with growth of 53.7% in local currency terms,” he added.
The positive results came in a trading environment described by the associate’s management as characterised by impediments – mainly sluggish economic conditions and deflation in food prices.
Back in June, Meikles executive chairperson John Moxon, who runs TM Supermarkets, said the retailer was seeing an increase in its customer count. Further to that, the average basket size was also on the increase.
“This is an indication that customers are spending more in our stores with competitive prices and unique promotions,” said Moxon at the time.
TM Supermarkets now has 58 stores in Zimbabwe, 15 of which trade under the Pick n Pay banner. The bulk of its product range is imported from South Africa. – Fin24
JOHANNESBURG - President Jacob Zuma has reversed his disastrous decision to appoint little-known MP David van Rooyen as finance minister, bringing Pravin Gordhan back to steady the ship.
After the announcement ...
HARARE,– Agro and mining equipment manufacturing group Zimplow Holdings expects to grow exports by 25 percent and will resume exports to South Sudan, an official has said.
Chief executive, Zondi Kumwenda ...
HARARE (Reuters) - The International Monetary Fund (IMF) has started talks with Zimbabwe's government to review its economic performance, stepping up engagement as Harare seeks a financial aid package after ...
HARARE,– Finance minister Patrick Chinamasa has tampered expectations of immediate financial assistance to the country’s private sector by the International Finance Corporation (IFC), the World Bank’s private sector lending arm ...
Jennifer Lopez claims her relationship with rapper Drake is strictly professional. In a new interview, the Shades Of Blue actress avoided questions about their rumoured romance and instead, confirmed they have collaborated on a new […]
BUDAPEST – Marcelo Cake-Baly came to study in Hungary from wartorn Guinea-Bissau in 1976, and has been working as a tram driver in Budapest for over a decade despite being a trained economist. Now, at the […]
Drake has upset his fans in the UK after postponing the opening dates of his upcoming tour. The first three dates of the One Dance rapper’s 35-date trek have been unexpectedly pushed back, prompting fans […]
Michael Jackson’s daughter Paris says she is “incredibly offended” by a new comic film in which a white British actor, Joseph Fiennes, portrays the late “King of Pop.” Paris Jackson, 18, also called the tongue-in-cheek […]