Pick n Pay Narrows Core Supermarket Losses by 17 Percent

Pick n Pay Stores Ltd. reported a 17 percent narrowing of losses in its core supermarket business to 516 million rand ($31 million) for the 26-week period ending August 30. The South African grocer noted volume growth, which the company indicates is a sign that its turnaround strategy is gaining traction.

Group trading profit increased 58 percent to 490 million rand. This growth was driven largely by the performance of Boxer Retail Ltd., the group's faster-growing discount chain. The overall improvement was further supported by a 105 million-rand reduction in the trading loss of the Pick n Pay store division.