Pick 'n Pay profit flat, outlook tough

South African grocery chain Pick 'n Pay reported flat full-year profit and said it expected more difficulty ahead, underscoring the grim outlook for demand in Africa's biggest economy.

Shares of the company fell nearly 2 percent after the results  yesterday, becoming the biggest percentage loser on Johannesburg's Top-40 index. South Africa last year exited its first recession in nearly two decades, but household finances remain under pressure and retail sales have been worse than economists expected.

Pick 'n Pay rival Shoprite said in February it saw little likely improvement in market conditions this year as consumers battle job losses and high levels of debt.

Editor's Comment
Let us all go to vote

Figures released by the country’s electoral management body have shown that a total of 1, 037, 684 people have registered to vote.However, eligible voters could be discouraged by events leading to the voting day like poor execution of advance voting amid talks that the elections could be unfair.There have also been threats by certain opposition politicians that shall the elections not be free and fair, they will halt them.Despite these...

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