PnP warns of 50% decline

Pick n Pay flagged a more than 50% fall in first-half earnings yesterday, weighed down by not being able to sell alcohol, tobacco and clothes during the lockdown – as well as voluntary severance payments.

Pick n Pay said headline earnings per share (heps) for the 26 weeks ended 30 August, would be down more than 42.52 cents from 85.03 cents reported in the previous year. –