Pick n Pay narrows losses in South African turnaround attempt

South African grocery retailer Pick n Pay reported a narrowing headline loss for the 26-week period ending August 30, 2026. The loss decreased by 31.9% to 299 million rand ($18 million), down from 439 million rand the previous year. Trading profit for the period rose 58.1% to 490 million rand.

Group turnover increased by 2.4% to 60.5 billion rand, supported by 6.3% growth from the value retailer Boxer. While the core Pick n Pay business recorded a trading loss of 516 million rand, this represented an improvement from the 621 million rand loss in the prior year. The company noted that the Pick n Pay business remained broadly flat due to strategic store closures.

Pick n Pay ended the half-year with 10 billion rand in net cash, aided by the sale of a portion of its stake in Boxer in May. The retailer has reached an agreement with the South African Commercial, Catering and Allied Workers Union (Saccawu) to withdraw a previously announced restructuring process. Under incoming CEO Spencer Sonn, the group aims to break even by 2029.