JOHANNESBURG - Pick n Pay’s share price slipped more than 7% on Thursday as it said the costs of running diesel generators had affected profits.
The retailer cut its dividend by 16%.
But the group’s turnover grew by just under 9% to R106-billion driven by growth at its Boxer stores.
Power cuts have had a material impact on the results with Pick n Pay spending more than R520-million on diesel.
Pick n Pay’s share price slipped more than 7 percent today as it said the costs of running diesel generators had affected profits. Load-shedding has had a material impact on the results, with Pick n Pay spending more than R520 million on diesel. #DStv403 #QuestionThinkAct pic.twitter.com/hfuE1E9gTW
— eNCA (@eNCA) May 4, 2023