PICK N PAY STORES LIMITED - Trading statement

Trading statement

Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
JSE Share Code: PIK
ISIN code: ZAE000005443

Trading statement

Shareholders are advised that Pick n Pay Stores Limited (“the Group”) is in the process of
finalising its 2016 financial results for the 52 weeks ended 28 February 2016, which are
expected to be published on 26 April 2016.

The Group expects to deliver a strong financial performance for the 2016 financial year, with
headline earnings per share (HEPS) up between 20% and 30% on the prior year.

The result demonstrates good progress across all areas of the business. It delivers on the
Group’s determination that its improved performance should be customer-led as well as
cost-driven. It therefore reflects a stronger customer proposition as well as further
improvements in cost control and operational efficiency.

Group turnover growth of 8.2% for the year (8.6% in constant currency terms) is the
strongest delivered for several years, well ahead of the 6.1% growth delivered in 2015. The
Group’s focus on improving its customer offer is reflected in stronger like-for-like turnover
growth, and an effective opening programme has delivered a greater contribution from new
stores. The Group restricted its selling price inflation to 3.1%, below CPI Food inflation of
5.3% for the period.

We expect the results for the 52 weeks ended 28 February 2016, expressed as growth on
the previous period, to fall within the following ranges:

                                                            52 weeks to          52 weeks to
                                                            28 February          28 February
                                                                   2016                 2015
                                 Growth on prior         Expected range               Actual
                                          period        cents per share      cents per share

HEPS will increase between           20% and 30%        212.71 to 230.44              177.26

Diluted HEPS will increase
between                              20% and 30%        209.66 to 227.14              174.72

Basic EPS will increase between      20% and 30%        214.55 to 232.43              178.79

Diluted EPS will increase
between                              20% and 30%        211.49 to 229.11              176.24


This is a good result which demonstrates the Group’s commitment to the successful delivery
of its long-term turnaround strategy.
This trading statement has not been reviewed by or reported on by the Group’s auditors.

By order of the board
Cape Town
11 April 2016                                            Sponsor: Investec Bank Limited

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