Fin24.com | Pick n Pay charms its way into the hearts of Zimbabweans

Fin24.com | 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. READ: Pick n Pay profit rises as discounts lure shoppers”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…

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