JOHANNESBURG - Retailer Pick n Pay is still making a loss but there are some encouraging signs.
Pick n Pay group includes Pick n Pay stores and the profitable discounter Boxer.
It reports that headline losses fell by 31.9% to reach R299 million in the half-year that ended in August.
Focusing on Pick n Pay alone, it managed to reduce its trading loss by R105 million to half a billion rand.
READ | Pick n Pay reports modest sales growth
Revenue from Pick n Pay stores was fractionally lower and the company says this is partly because six stores were closed down in the six months and 12 over a full year.
Still, Pick n Pay says the loss underscores the scale of work that still needs to be done.
Price inflation was 1.5%, with the retailer saying this reflects its commitment to deliver low prices to consumers.
The group aims to break even in 2029.