Pick n Pay increased sales by 8.1% to R55.3bn (£4.76bn) for the year to February 29, while profit fell 10.6% to R1.3bn (£112m). The retailer said that was the result of investment in transformation initiatives. They include the launch of its smart shopper loyalty programme, the sale of Franklins in Australia and the merging of its regional buying teams into a single division. EBITDA fell 4% to R2.1bn (£181m), although the retailer said that figures improved during the second half of the year.

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