April 26, 2019 / 5:29 AM / 25 days ago

South Africa's Pick n Pay posts 18 pct jump in full-year earnings

JOHANNESBURG, April 26 (Reuters) - South African retailer Pick n Pay Stores Ltd said on Friday its full-year earnings jumped by 18 percent for the year ended February.

The country’s second largest grocery store chain posted headline earnings per share (HEPS), the most widely used profit measure in South Africa that strips out some one-off items, of 326.71 cents ($0.2274), compared with 276.98 cents a year earlier.

Pick n Pay follows a 52-week retail financial calendar, which requires the inclusion of an additional week every six years. Therefore, including the earnings for this extra week, HEPS rose by 25.2 percent. ($1 = 14.3676 rand) ($1 = 14.3775 rand) (Reporting by Emma Rumney; Editing by Rashmi Aich)

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