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Pick n Pay flags more than 50% fall in first-half earnings due to lockdown

The retailer also blamed COVID-19-related costs for the decline in headline earnings per share, which is the main profit measure in South Africa that strips out certain items.

Picture: Supplied

JOHANNESBURG - Pick n Pay has flagged a more than 50% fall in first-half earnings on Tuesday morning.

The retailer said its weighed down by not being able to sell alcohol, tobacco and clothes during the lockdown as well as voluntary severance payments.

It also blamed COVID-19-related costs for the decline in headline earnings per share, which is the main profit measure in South Africa that strips out certain items.

Pick n Pay, which also owns discount supermarket brand Boxer, said more than 1,400 employees have voluntarily left the business during the lockdown.

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