HARARE – South African giant retail supermarket chain store Pick n Pay’s Zimbabwe outlets have achieved a 7.9% turnover for the full financial year ended March 31 2015.
In a financial results trading update for the full year, Meikles Limited – in which TM Supermarkets and Pick n Pay are subsidiaries – said that the chain store achieved turnover of US$360 million as compared to US$333,9 million in the corresponding period last year.
This was despite the negative rate of inflation in supermarket-related trading.
The retail outlet’s gross profit grew by 8.5% from US$59 million in 2014 to US$64 million this financial year.
Meikles said the growth indicated an increase in the market share. “The footprint into our shops increased year-on-year by 11.29%. Investments in replacement and expansion projects has been viewed favourably by the consumers, reflected in individual branch sales growth ranging 25% to more than 100% depending on the location,” the diversified concern said of the chain stores.
Trading during the year was affected by the closure of two branches, one as a result of a fire and the other for refurbishments.
Meikles said other branches remained opened during refurbishments “to minimise the loss on sales”.
The group was invited by the Government of the Democratic Republic of Congo to discuss potential investment and co-operation opportunities.
Three major branches are expected to open during the 2016 financial year, while an additional US$6,5 million has been set aside for refurbishments across the branch network.
However, Meikles said turnover for the group ballooned by 8 percent, adding that the group was looking going regional in the hospitality sector.
“Recently, the group was invited by the Government of the Democratic Republic of Congo (DRC) to discuss potential investment andco-operation opportunities between DRC and Meikles Limited in the areas of agriculture, hospitality and retail.”