South Africa’s retail giant Pick n Pay says its Zimbabwe associate, TM Supermarkets (TM), delivered a strong 75 percent earnings growth in the full year to February 26 despite a tough macroeconomic environment marked by poor liquidity, rising unemployment and falling consumer confidence.
The group reported today that its share of TM’s earnings grew 74.7 percent on last year to R80.2 million, representing growth in local currency terms of 71.8 percent.
Pick n Pay holds a 49 percent shareholding in TM Supermarkets, with Meikles Limited holding the balance.
It said TM benefited from increased operational collaboration with Pick n Pay, and strong trade from the rebranded Pick n Pay stores in the region.
TM Supermarkets now has 56 stores in Zimbabwe, 16 of which trade under the Pick n Pay banner after adding one branded outlet during the year.
Group turnover increased seven percent to R77.5 billion.