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Pick n Pay Stores Limited
Incorporated in the Republic of South Africa
Registration number: 1968/008034/06
JSE and A2X share code: PIK
ISIN code: ZAE000005443
("Pick n Pay")
TRADING UPDATE AND TRADING STATEMENT FOR THE 26 WEEKS ENDED 31 AUGUST 2025
Trading update
The trading performance of the Company and its subsidiaries ("the Group") for the 26-week period to
31 August 2025 ("the Period") reflected further steady like-for-like sales acceleration from Pick n Pay
Supermarkets and another strong performance from Boxer Retail Limited Group ("Boxer").
Group turnover for the Period increased 4.9%, with like-for-like sales up 4.7%, against the same period
last year. Like-for-like turnover growth showed improved momentum across all of the Group's
supermarket formats in the last two months of the Period. The Group views this as a credible
performance in the context of a highly constrained consumer and continued subdued food price
inflation.
- Pick n Pay South Africa (SA) like-for-like sales for the Period grew 4.3%. Implementation of the
planned store closures and conversions resulted in overall turnover growth lagging like-for-like
sales momentum.
- Boxer turnover for the Period grew 13.9%, with 5.3% like-for-like sales growth. Further detail on
the Boxer performance can be found in the trading update and trading statement released on the
Stock Exchange News Service ("SENS") by Boxer on 29 September 2025.
Clothing turnover growth in standalone stores (reported within the Pick n Pay segment) for the Period
was 12.0% (7.5% like-for-like sales). Clothing momentum moderated in the last two months of the
Period as the earlier softness in the base normalised.
Online sales growth for the Period was 34.4%, driven by continued growth of Pick n Pay asap! and Pick
n Pay groceries on the Mr D app.
Pick n Pay SA's internal selling price inflation for the Period was 2.1%, in line with the 2.1% reported
for FY25, and well below CPI Food of 4.6%.
Previously published 26 weeks ended 31 August 2025
17 weeks ended 29 June 2025 (H1 FY26)
% growth % growth
Turnover Like-for-Like Turnover Like-for-like
sales sales
Pick n Pay (SA & RoA*) 0.1% 3.6% 0.1% 4.4%
Pick n Pay SA 0.0% 3.6% 0.4% 4.3%
Boxer (SA & RoA*) 12.1% 3.9% 13.9% 5.3%
Group turnover 4.3% 3.8% 4.9% 4.7%
*Rest of Africa (operations outside South Africa)
Pick n Pay (PnP) SA Supermarkets momentum
Like-for-like sales growth remains the key indicator the Group is targeting in PnP SA Supermarkets.
Company-owned Supermarkets, which represents the majority of PnP SA sales, continued to show
steady consecutive improvement on this metric, with like-for-like sales growth reaching 4.8% for the
Period, up from 3.1% in H1 FY25 and 3.6% in H2 FY25. Like-for-like sales growth into franchise
supermarkets improved to 1.7%, up from -1.4% in H1 FY25 and 1.1% in H2 FY25.
26 weeks 26 weeks 26 weeks
Like-for-Like sales growth H1 FY25 H2 FY25 H1 FY26
PnP South Africa 1.1% 3.1% 4.3%
PnP SA Supermarkets 1.3% 2.7% 3.8%
PnP SA Company-owned Supermarkets 3.1% 3.6% 4.8%
PnP SA Franchise Supermarkets -1.4% 1.1% 1.7%
PnP Clothing standalone stores 0.2% 3.8% 7.5%
Note: 1) PnP SA Supermarkets includes Hypermarkets and excludes standalone clothing stores. 2) Franchise sales refer to wholesale sales
from PnP to franchisees.
The Group is pleased with Boxer's sustained strong performance, and the steady like-for-like sales
acceleration across both Pick n Pay SA Company-owned and Franchise Supermarkets. The Group is
continuing to progress its Pick n Pay segment's Store Estate Reset Plan and Future Fit Structure
initiatives.
Trading statement
The Group is currently finalising its results for the Period, and is accordingly able to update investors
that its expected H1 FY26 loss falls within the ranges as set out in the table below. The expected
reduction of the headline loss is driven by a somewhat improved Pick n Pay segment trading result, a
strong Boxer trading result, and a large positive swing in net funding interest (driven by the capital
raise), which was partially offset by the 34.4% Boxer non-controlling interest.
The expected reduction in the loss per share was also impacted by an increase in the weighted average
share count arising from the August 2024 PIK Rights Offer, which resulted in the weighted average
number of ordinary shares in issue (net of treasury shares) increasing by 25% from 587.54 million for
H1 FY25 to 734.53 million for H1 FY26.
Reported
Expected range 26 weeks to 26 weeks to
improvement 31 August 2025 25 August 2024
% change H1 FY26 H1 FY25
Expected Range
Absolute earnings metrics
Headline earnings (Rm) 40% - 50% -479 to -399 -803
Per share earnings metrics
Earnings per share (EPS) 45% - 55% -77.39 to -63.31 -140.83
Diluted EPS 45% - 55% -77.38 to -63.31 -140.67
Headline earnings per share (HEPS) 50% - 60% -67.97 to -54.31 -136.60
Diluted HEPS 50% - 60% -67.96 to -54.31 -136.44
H1 FY26 result announcement and presentation
Shareholders are advised that Pick n Pay plans to release its H1 FY26 financial results on SENS at
7:05am on Monday, 27 October 2025. An online and in-person results presentation will follow at
8:30am. Stakeholders are invited to register for the results presentation webcast via the following link:
https://www.corpcam.com/PnP27102025. The slides accompanying the results presentation will be
available on the Pick n Pay Investor Relations website at www.picknpayinvestor.co.za shortly before
the commencement of the presentation. A playback of the webcast will be made available on our
website approximately 2 hours after the presentation.
The financial information on which this trading update and trading statement is based is the
responsibility of the Board of directors of the Group and has not been reviewed by or reported on by
the Group's external auditors.
By order of the Board
Cape Town
9 October 2025
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 09-10-2025 05:30:00
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