Pick n Pay revises its earnings

Headline earnings have been revised from R459.3 million to R502 million and headline earnings per share from 89.6 cents to 97.92 cents.

The company's final dividend per share is unchanged at 57.65 cents.

Pick n Pay said the calculation of its consolidated headline earnings and headline earnings per share for the year ended February 29 2008, as published on April 22, did not take into account 35.5 million Pick n Pay Stores Ltd treasury shares held by a subsidiary company and the share trust.

"These treasury shares should be treated as cancelled for the purposes of the Company's consolidated earnings, thereby increasing the Company's effective control of Pick n Pay Stores Limited ("Pick n Pay") to 55.57% (compared to its 50.85% direct holding) and decreasing the effective holding of minorities," the retail group said.

"This correction is purely a technical adjustment to the Company's consolidated financial statements which has resulted in reallocations within classes of equity in the statement of changes in equity. This reallocation is between minority interests and other reserves and has had no effect on the total equity, cash flows and dividends to be received by the Company or paid to the Company's shareholders," it added.

Source: I-Net Bridge

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