By Ankita Bora.
South African retailer Pick n Pay on Thursday said it has withdrawn a previously announced restructuring consultation process, and forecast a 25%-35% narrowing in first-half headline loss per share.
The grocer has been pursuing a turnaround plan focused on improving its product offering, closing underperforming stores and cutting costs as part of a multi-year overhaul.
Pick n Pay said it had reached an agreement with its primary labour partner, the South African Commercial, Catering and Allied Workers Union, ending the process initiated in May
Last month, the company appointed Woolworths executive Spencer Sonn as its next CEO, succeeding Sean Summers on February 1, 2027.
The retailer on Thursday said it expects a headline loss per share of between 44.83 and 38.85 cents for the 26 weeks ended August 30, compared with a loss of 59.77 cents per share a year ago.
The narrower loss was driven by higher trading profit at discount chain Boxer and a smaller trading loss in its core Pick n Pay segment.
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