CORRECTED-UPDATE 1-Pick'n'Pay sees H1 profit up to 15 pct higher

(Corrects headline and first paragraph to first-half not full-year results)

* H1 EPS seen 45-55 pct higher

* Shares drop over 4 pct, lag broader mkt

JOHANNESBURG, Sept 29 (Reuters) - Africa's second-biggest grocer Pick 'n' Pay Holdings Ltd (PWKJ.J) said on Tuesday it expects to report an 8-15 percent rise in first-half headline earnings per share, sending its shares down more than 4 percent.

The company said headline EPS for the six months to end-August, including losses incurred in the Score Supermarkets which it is selling, would be between 3-10 percent higher.

Shares in Pick 'n' Pay closed 4.29 percent weaker at 16.75 rand, lagging a 0.64 drop in the JSE Top-40 index of blue chips .JTOPI.

Pick 'n' Pay, which competes with Shoprite (SHPJ.J), Woolworths (WHLJ.J) and Spar (SPPJ.J), said it expected EPS, which includes the profit on the sale of the properties, to be between 45-55 percent higher.

South African retailers are struggling to keep sales rising faster than inflation as a recession in Africa's biggest economy dampens consumer spending. (Reporting by Tiisetso Motsoeneng)