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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pick n Pay Stores
Pick n Pay Stores (PIK) investor relations material
Pick n Pay Stores H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 earnings summary26 Oct, 2026
Executive summary
Turnaround progress continued: trading profit rose 58.1% to R490m, while the headline loss narrowed 31.9% to R299m.
Positive like-for-like volume growth across company-owned supermarkets and a R10.0bn net cash position support the FY29 break-even target; further improvement remains necessary.
Consumer pressure, fuel costs and regional uncertainty constrained demand and sales momentum.
Financial highlights
H1 turnover rose 2.4% to R60.5bn, with like-for-like growth of 1.8%; gross margin increased 70bps to 18.8%.
Trading profit increased 58.1% to R490m; loss before tax and capital items narrowed 56.2% to R139m.
Headline loss narrowed 31.9% to R299m; period loss fell 88.2% to R38m and attributable loss narrowed to R270m from R496m.
EPS loss improved 45.6% to 36.77 cents; HEPS loss narrowed 31.9% to 40.71 cents.
Outlook and guidance
FY29 break-even remains the target, with further turnaround benefits expected over the next 2½ years.
FY27 gross capital investment guidance is R2.8bn: R1.7bn for supermarkets and R1.1bn for Boxer; spending is weighted to H2 for revamps, acquisitions, repairs and maintenance.
Supermarket like-for-like sales in the first four weeks of H2 were slightly ahead of H1; H2 year-to-date growth was also ahead of H1.
H2 is expected to burn cash, with no operational cash inflow expected; labor-agreement savings are expected largely in FY2028, with none included in FY2027 guidance.
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Latest events from Pick n Pay Stores
- Boxer growth offsets core losses as a store reset and recapitalisation target recovery.PIK
H2 2024 - Boxer delivered strong growth and profit as group margins improved, but Pick n Pay losses widened.PIKH2 2026
- FY26 headline loss per share is now expected to improve by 10% to 20% over FY25.PIKTrading update
- Turnover rose 3.2%, but FY26 headline loss per share is set to increase by over 20%.PIKTrading update
- Leadership transition, board refresh, and operational turnaround mark a pivotal AGM.PIKAGM 2025
- All resolutions, including the Boxer IPO and share capital reduction, passed with near-unanimous support.PIKAGM 2024
- Boxer drives growth as recapitalisation reduces debt and Pick n Pay targets improved earnings.PIKH1 2025
- All resolutions for recapitalization, share changes, and governance passed with strong support.PIKEGM 2024
- Boxer growth and recapitalisation drive improved margins and renewed profit momentum.PIKH2 2025
Next Pick n Pay Stores earnings date
H2 202724 May, 2027
Pick n Pay Stores
Next Pick n Pay Stores earnings date
H2 202724 May, 2027
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Frequently asked questions
Pick n Pay Stores Limited is a South African retail company, operating under the brand names Pick n Pay, Boxer, and TM Supermarkets. The company has established itself as a retailer of food, clothing, and general merchandise, including household, liquor, health, and beauty products. With a business presence extending across Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, South Africa, and Eswatini, Pick n Pay has grown to become a significant player in the retail sector within the African continent. Pick n Pay is headquartered in Cape Town, Western Cape, South Africa, and its shares are listed on the Johannesburg Stock Exchange.