Pick n Pay Stores Limited provided earnings guidance for the first half and second half of fiscal year 2024. In terms of section 3.4(b) of the JSE Listing Requirements, the Group announced shareholders that it expects earnings per share (EPS), headline earnings per share (HEPS), and pro forma headline earnings per share (pro forma HEPS) for first half of fiscal year 2024 to decrease by more than 20% when compared to EPS, HEPS and pro forma HEPS reported for first half of fiscal year 2023.

Management expects the second half of fiscal year 2024 earnings outlook to be materially stronger than first half of fiscal year 2024 as a result of more supportive earnings seasonality, net incremental energy cost growth to be relatively low (given the high second half of fiscal year 2023 base), non-repeat of supply chain cost duplication, and efficiency gains from the first half of fiscal year 2024 Project Future initiatives beginning to contribute.