Pick n Pay charms its way into the hearts of Zimbabweans

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

Related Posts
Zimplow targets to grow exports 25pct in FY2015, eyes more regional markets
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 ...
READ MORE
Zimbabweans unfazed by huge unemployment
Harare - Officially, hardly anyone in Zimbabwe has a job. Yet in the bustling streets of the capital Harare and nearby towns, there is hardly an idle person in sight. Hawkers ...
READ MORE
TM refurbishments to take five years – MD
BULAWAYO, — Zimbabwe’s second largest retail chain TM Supermarkets says it will complete its rebranding exercise over the next five years after South Africa’s Pick’n’Pay invested $25 million into the ...
READ MORE
Fuel dealers defy govt directive to slash prices
HARARE - It is not yet joy for motorists as fuel dealers have defied government’s directive to slash prices by at least 20 cents.   The Minister of Energy and Power Development, ...
READ MORE
Millers import 160 000t maize, expect 250 000t more
THE Grain Millers’ Association of Zimbabwe (GMAZ) has imported 160 000 metric tonnes of maize and is expecting to get an additional 250 000 metric tonnes in the next 90 ...
READ MORE
Zimbabwe selects three locations for SEZ trials, Japan chips in to support
HARARE,– Zimbabwe has selected three locations for setting up pilot special economic zones (SEZs) as the country seeks to re-awaken investor interest after a dearth in foreign direct investment, a ...
READ MORE
What’s next for Schweppes if Coca-Cola leaves?
HARARE,– Schweppes Zimbabwe Limited , a manufacturer and distributor of non-carbonated, still beverages under licence from The Coca-Cola Company faces a dire future if TCCC follows through on intentions to ...
READ MORE
Student movement leader calls for attacks on SA businesses in Zimbabwe
HARARE - Zimbabweans should strike back against xenophobic violence in Durban and Gauteng by attacking South African students and businesses operating in the country, this is according to Zimbabwe National ...
READ MORE
Meikles revenue up 20pct as key units prosper
HARARE,– Listed hospitality concern, Meikles Limited, says its revenue went up by 20 percent in the five months to August, driven by increased sales and margins in key units. John Moxon, ...
READ MORE
The choices facing Delta over potential Coca-Cola exit
HARARE,– Delta is faced with three choices following a decision by the Coca-Cola Company (TCCC) to terminate the Bottlers’ Agreements with Delta Beverages and its associate Schweppes Holdings Africa, analysts ...
READ MORE
Zimplow targets to grow exports 25pct in FY2015,
Zimbabweans unfazed by huge unemployment
TM refurbishments to take five years – MD
Fuel dealers defy govt directive to slash prices
Millers import 160 000t maize, expect 250 000t
Zimbabwe selects three locations for SEZ trials, Japan
What’s next for Schweppes if Coca-Cola leaves?
Student movement leader calls for attacks on SA
Meikles revenue up 20pct as key units prosper
The choices facing Delta over potential Coca-Cola exit

Arts & Entertainment

Arts & Entertainment

Rihanna reacts to Beyonce Grammys rivalry: ‘Stop putting black women against each other’

8th December 2016 Staff Reporter 0

Pop superstars Rihanna and Beyonce will not be giving each other fierce stares at the Grammys 2017. After being accused of aiming barbs at queen Bey on social media, RiRi has denied claims of a […]

Arts & Entertainment

Kim Kardashian ‘planning to divorce Kanye West’ according to reports

7th December 2016 Staff Reporter 0

Kim Kardashian West is reportedly considering divorcing her rapper husband Kanye West. Rumours are circulating suggesting that the reality star is contemplating ending her two-and-a-half-year marriage after feeling “trapped” in her relationship. According to Us […]

Arts & Entertainment

Johnny Depp, Will Smith, George Clooney on ‘overpaid’ Forbes list

7th December 2016 Staff Reporter 0

Johnny Depp and Will Smith topped a list on Wednesday of Hollywood’s most overpaid actors, an illustration that star power does not always bring in dollars at the movie box-office. Fan favorite George Clooney also […]