Pick n Pay Posts Double Digit Profit Growth

South Africa-based mass grocery retailer (MGR) Pick 'n' Pay has posted an 11.2% and 17.4% uptick in trading profit and turnover for FY08/09 (year ending February 2009). Trading profit was registered at ZAR1.69bn (US$189.2mn) while turnover came in at ZAR49.9bn (US$5.6bn). Pick 'n' Pay has responded valiantly amid a financial meltdown scenario in which BMI is forecasting South Africa's GDP to decline by 0.3% in 2009. Its share price has moved up by 0.14% over the past 12 months; thereby comfortably outperforming the Johannesburg All Share

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