Pick n Pay (PIK) FY24 – Results Snapshot

Diluted headline loss per share -203cps (FY23: HEPS 258cps) and
no dividend (FY23: 185cps).
Turnover growth 5.4% y-y, with like-for-like growth of 2.9% y-y.
Internal inflation was 7.3% for FY24, trending down to 6.4% in 2H.
Boxer sales strong at 17.3% y-y while PnP chain down -0.2% y-y.
PIK Clothing sales +17.0% y-y and Liquor sales +8.9% y-y.
GPM fell sharply from 19.6% to 18.1%, impacted by new franchise
model and duplicated DC costs. Underlying GPM down 90bps.
Expenses increased by 11.9% y-y with the expense-to-sales ratio
increasing from 18.9% to 20.1%. Like-for-like expenses +5.5% y-y.
R2.8bn impairment charge for loss-making and under-performing
stores. Impairment charges and losses wiped out equity (-R183m). Plans for recap of R4bn progressing, EGM on 26 Jun.
Operating margin drop from 2.9% in FY23 to 0.3% in FY24.
R1.5bn trading loss for Pick n Pay (FY23: R1.3bn profit) with R1.9bn
trading profit for Boxer (FY23: R1.8bn profit).
Gross Debt rose sharply from R5.7bn to R11.4bn.
Gareth Ackerman to retire as chair in 2025.