PWK/PIK - Pick n Pay Holdings Limited/Pick n Pay Stores Limited - Trading

PWK/PIK - Pick n Pay Holdings Limited/Pick n Pay Stores Limited - Trading       
statement                                                                       
Pick n Pay Holdings Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1981/009610/06)                                            
Share code: PWK   ISIN code: ZAE000005724                                       
Pick n Pay Stores Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number:  1968/008034/06)                                          
Share Code:  PIK   ISIN code: ZAE000005443                                      
Trading statement                                                               
Shareholders are advised that Pick n Pay Holdings Limited and Pick n Pay Stores 
Limited are in the process of finalising their results for the year ended 28    
February 2011, which are expected to be published on 18 April 2011.             
As previously reported, the Group exited the operations of Score Supermarkets   
("Score") in the previous financial year and is in the process of exiting from  
Franklins Australia ("Franklins"), both of which are now disclosed as           
discontinued operations.                                                        
During the year ended 28 February 2010 (prior year reporting period) the Group  
realised a capital profit on the sale of properties which is excluded from      
headline earnings and has a marked effect on the growth of earnings per share   
("EPS") relative to headline earnings per share ("HEPS").                       
Trading conditions in the second half of the year were particularly tough due   
to:                                                                             
    The adverse effect of a Pick n Pay national labour strike during our peak   
    trading period and it`s after effects;                                      
    Cost inflation exceeding internal selling price inflation; and              
Our continued investment in gross margin.                                   
Given the disclosure of Score and Franklins as discontinued operations and the  
effect of the property profit last year we consider HEPS from continuing        
operations to be a more accurate indicator of the performance of the Group.     
We expect the results for year to 28 February 2011 to be lower than the         
corresponding period last year in the following decrease ranges:                
    HEPS and diluted HEPS from continuing operations, between -10% and -25%.    
    Total HEPS and total diluted HEPS (including Score and Franklins), between  
-15% and -30%.                                                              
    EPS and diluted EPS from continuing operations as well as total EPS and     
    total diluted EPS, all of which include the prior year profit on the sale   
    of properties, between -25% and -40%.                                       
This forecast has not been reviewed or reported on by the Group`s auditors.     
By order of the board                                                           
Cape Town                                                                       
31 March 2011                                                                   
Sponsor:                                                                        
Investec Bank Limited                                                           
Date: 31/03/2011 08:00:18 Supplied by www.sharenet.co.za                     
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