It’s been a long time since Pick n Pay was regarded as the leading blue-chip retail group. Its latest results raise fresh doubts about a turnaround plan that never comes to fruition.
Pick n Pay’s share price performance this year has probably shredded any hope that the chain might be on track to reclaim its crown as the country’s pre-eminent retailer.
That title was long ago bestowed on rival Shoprite, but Pick n Pay’s fall from top spot in the early 2000s has since defined its place in local investment portfolios. And since the release of unimpressive year-end numbers last week, its share price has crumbled almost 15%, taking its year-to-date decline to 36% — a nine-year low. Contrast that with Spar’s 18.7% gain and Shoprite’s 7% wobble. ..
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