Pick n Pay reports higher profits

South African retailer Pick n Pay has reported a 6.2 percent increase in its first half profit.

It attributed the increase to cost cutting, supply chain improvements and the addition of new stores.

"We believe that we have reached the point where the greater part of the structural change and its associated costs are behind us. We are now able to build on the capabilities that have been put in place and begin to realise the potential of our investments. Our energy and focus has substantively returned to the basics of good retailing. There is no area of the Group that has not been inspected in the past six months and we made improvements in all of them," the company said.

Net income increased to R192 million in the six months through August, compared with R180.4 million a year earlier.

Sales rose 6.2 percent to R30.1 billion.

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