Harare - TM Supermarkets, the Zimbabwe-based associate of Pick n Pay [JSE: PIK], recorded strong performance for the 52 weeks ended February 26 2017.
According to an earnings report released on Wednesday,
Pick n Pay said its share from the associate’s profits were up 74.7% driven by
successful collaboration between TM and Pick n Pay, and strong trade from
rebranded Pick n Pay stores.
“The group's share of TM's earnings grew 74.7% on last year
to R80.2m, representing growth in local currency terms of 71.8%,” said Pick n Pay in the statement.
Pick n Pay said the results were achieved in a tough
macroeconomic environment characterised by liquidity constraints, rising
unemployment and falling consumer confidence.
TM Supermarkets has 56 stores in Zimbabwe, 16 of which
trade under the Pick n Pay banner.
Going forward, Pick n Pay says it looks to maintain progress
Pick n Pay’s partner in the associate, Meikles
Limited, recently received an acquisition bid from a Dubai-based entity,
Albwardy Investment, which has business interests in hospitality, retail and
Meikles, which listed on the Zimbabwe Stock Exchange on April 7, published a cautionary statement saying discussions
relating to a possible offer to its shareholders and the subsequent delisting
from the ZSE remain ongoing.