Pick n Pay sees narrower interim loss
South African retailer Pick n Pay has withdrawn its restructuring consultation process after reaching a labor agreement. The company also forecasted a narrower first-half headline loss per share.
Insights:
South Africa's Pick n Pay dropped a labor restructuring plan on Thursday while forecasting a 25% to 35% narrowing in its interim headline loss per share. The grocer is executing a multi-year turnaround to improve product offerings, cut costs, and close underperforming stores. The strategic pivot comes as discount chain Boxer boosts trading margins across the retail group.
