Retail giant Pick n Pay (PnP) has announced that its market share has remained stable despite downsizing its supermarket network, marking a key milestone in its turnaround strategy.
Group CEO Sean Summers described the development as a “positive shift” for the retailer. “This marks an important step in our recovery journey. From now on, any changes to our store network will form part of routine evaluations as leases expire,” he explained.
PnP has been undergoing a restructuring process that included the closure of several stores across South Africa. Despite these changes, the company reported a significant improvement in financial performance, with its headline loss per share narrowing by 56.2% to 59.77 cents for the 26 weeks ending 31 August.
Summers said the company’s turnaround efforts are beginning to show results, noting stronger customer growth, improved like-for-like sales, and continued exceptional performance from Boxer, PnP’s 65%-owned discount retail subsidiary.
“The groundwork we are laying now will secure our long-term success,” Summers added, expressing confidence in the group’s ongoing transformation.
