Pick N Pay Stores Ltd Annual Shareholders Meeting Transcript
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Representing the strongest reported sales growth for all listed companies in this period. There was a considerable strength underpinning the results with a normalized PBT of 2.1%. The team worked hard and invested behind lower prices for our customers. This resulted in an internal price inflation of 3.8% below CPI food inflation of 4.8%. We also focused on doing better deals and meeting customer needs using smart price, multi-buys and daily deals. We have seen positive volume growth as a consequence.
As a result of COVID restrictions, we experienced over 200 days in which we were prevented from selling liquor and 140 days in which we were not permitted to trade tobacco. We were also restricted at the start of the lockdown from selling clothing, general merchandise and some other products. Restrictions resulted in a decline in liquor and tobacco sales of 31%, directly as a result of the measures taken by the government in response to the pandemic. However, our underlying performance was very
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