Pick n Pay’s Zim rival raises revenue
Harare – Zimbabwe’s leading grocer OK Zimbabwe, whose revenues for the year to March 31 surged 16.3% to US $479.6m, is planning to open two new stores and modernise five others during the current year. OK Zimbabwe directly competes with TM Supermarkets, in which SA grocer Pick n Pay Holdings [JSE:PWK] has a 49% stake. [...]
SA maize falls after USDA report
Johannesburg – South African corn declined for a second day after a report from the US Department of Agriculture showed more production than anticipated. White corn for delivery in July fell 0.3 percent to 2,316 rand ($233) a metric ton by the midday close on the South African Futures Exchange. The yellow variety for delivery [...]
Watchdog to make poultry-duty call
Johannesburg – South Africa’s International Trade Administration Commission said it plans a further probe into the poultry association’s request to raise tariffs on chicken imports to as much as 82 percent before making a recommendation. ITAC will make a final determination by July 9 and send the directives to Trade and Industry Minister Rob Davies, [...]
Mr Delivery opts for three wheels to service new Pick n Pay contract
Mr Delivery opts for three wheels, times 60. Mr Delivery has acquired 60 Mahindra three-wheeler vehicles, fitted with specially designed, lockable canopies, to service a new contract for the Pick n Pay Online Shopping delivery service, which operates from a number of hubs in the country. The Mr Delivery fleet – which is expected to [...]
Africa beckons for SA retail investors
Cape Town – Illovo-based Imara S P Reid Stockbrokers is about to open up African share and bond markets to local retail investors. With Imara S P Reid Stockbrokers trading systems already facilitating Africa position-taking for big institutions and global funds, they are being expanded to enable small investors to take direct advantage of growth [...]
Oceana buys Foodcorp division
Johannesburg – Oceana, South Africa’s biggest seller of canned fish, agreed to acquire Foodcorp’s fishing unit for 445 million rand ($45.9 million) to extend operations. The acquisition is ” in line with Oceana’s strategy to acquire additional fishing rights and to pursue growth in its existing areas of activity,” the Cape Town-based company said in [...]
Edcon’s revenue rise
Johannesburg – Unlisted retailer Edcon on Tuesday reported a 3.1% increase in total revenue to R26.7bn for the year ended March 2013, while retail sales increased by 2% to R25.2bn. Same store sales increased by 0.4% following an encouraging last quarter, which saw retail sales increase 5.9% while same store increased 4.0%. For the 52 [...]
Gap adds Paraguay, Hungary to global growth plans
San Francisco – Gap Inc. announced Monday that it will introduce the Gap brand to Paraguay and Hungary through new agreements with existing franchise partners: Neutral for Paraguay and Gottex Brands for Hungary. The first Gap store will open later this year in Paraguay, joining Neutral’s 2012 Gap launch in Uruguay. And, in Hungary, Gottex [...]
R228m injected into Durban’s Pavilion Shopping Centre upgrade
Pareto injects R228m redevelopment of Pavilion Shopping Centre. Pareto Ltd today announced renovation plans to upgrade the Pavilion Shopping Centre in Durban, which will see an initial R228 million investment for re-development. Mr Marius Muller CEO of Pareto Ltd said this major investment in both the Centre and the region is in line with our [...]
Foschini’s profits increase
Johannesburg – The Foschini Grou, South Africa’s No.3 listed clothing retailer, missed estimated with an 11 percent rise in full-year profit as debt-laden consumers cut back on spending. Foschini, which also sells jewellery and furniture, said diluted headline earnings per share totaled 851.3cents in the year to end-March compared with 766.1cents a year earlier. The [...]
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