South African retailer Pick n Pay has revealed that earnings per share for continuing operations through the first six months of the year fell by up to 45 per cent.
According to the country's second-largest grocery retailer, profit was hit by the start-up costs for its newly-launched shopper reward programme, as well as investments in its distribution system.
However, sales increased by 7.4 per cent through the first-half, the group noted.
As a result of the announcement, Pick n Pay shares dropped to a low point of R35.04, the lowest level since August 2009.
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