Pick n Pay narrows losses as recovery gathers pace

Pick n Pay has continued to curb its losses, but reaching breakeven is a longer term turnaround effort, the retailer notes in its latest set of interim results.

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For the 26 weeks ended 31 August, the group reported a headline loss per share of 59.77c, a 56.2% improvement from the 136.60c loss last year.

Trading profit rose to R310 million from R83 million, while group turnover increased 4.9% to R58.8 billion.

"These results demonstrate that our turnaround is gaining traction, and we remain on track with each of our strategic priorities," CEO Sean Summers says.