Pick n Pay Stores Limited
Incorporated in the Republic of South Africa
Registration number: 1968/008034/06
JSE Share Code: PIK
ISIN code: ZAE000005443
(“Pick n Pay” or “the Group”)


Pick n Pay - Voluntary Earnings Update for the 52 weeks ended 26 February 2023

Shareholders are advised that Pick n Pay is in the process of finalising its financial result for the 52
weeks ended 26 February 2023 (FY23).

Earnings update
Pick n Pay expects to report resilient FY23 earnings within the context of the difficult trading
environment. The impact of unprecedented load shedding, particularly diesel expenditure to run
generators (previously reported to be R346m for the first 10 months of FY23) has had a significant
influence on these results. Despite this, the Group has contained the earnings impact through holding
underlying gross profit margin constant (in the context of a highly competitive market environment)
and tight control of trading expenses.

The Group remains focussed on the successful execution of its Ekuseni Strategic Plan, which includes
workstreams to reduce as much as possible the impact of the current levels of load shedding.

The Group expects its FY23 earnings to fall within the following ranges:

                                                        52 weeks to               52 weeks to               52 weeks to
                                                   26 February 2023          26 February 2023          27 February 2022
                                                     Expected range            Expected range                 Reported
                                                          % growth            Cents per share           Cents per share
 Reported earnings metrics
 Earnings per share (EPS)                                    0% to -6%          238.14 – 253.34                      253.34
 Diluted EPS                                                 0% to -6%          237.28 – 252.43                      252.43
 Headline earnings per share (HEPS)                          0% to -6%          246.83 – 262.59                      262.59
 Diluted HEPS                                                0% to -6%          245.95 – 261.65                      261.65
 Pro forma earnings metrics*
 Headline earnings per share (HEPS)                      -12% to -18%           237.50 – 254.88                      289.64
 Diluted HEPS                                            -12% to -18%           236.64 – 253.96                      288.59
*Pro forma earnings exclude R145.2 million (R104.5 million net of tax) business interruption insurance proceeds received and
accounted for in this period, but previously included in FY22 pro forma earnings. In line with normal Group practice, pro forma
earnings also exclude all non-cash hyperinflation gains and losses related to the Group’s TM business in Zimbabwe. Pro forma
HEPS will be the Group’s primary measure in determining its FY23 dividend pay-out ratio.

FY23 result announcement and presentation
Shareholders are advised that the Group plans to release its financial results for the 52 weeks ended
26 February 2023 on SENS just after 7:00am on Thursday 4 May 2023. An online results presentation
will follow at 9:00am. Stakeholders are invited to register for the results presentation webcast via the
following link: www.corpcam.com/pnp04052023.
The slides accompanying the result presentation will be available on the Pick n Pay Investor Relations
website at www.picknpayinvestor.co.za shortly before the commencement of the presentation. A
playback of the webcast will be made available on our website approximately 2 hours after the
presentation.
Pro forma information
The pro forma financial information is presented in accordance with the JSE Listings Requirements and
is presented for illustrative purposes only. The pro forma financial information may not fairly present
the Group’s financial position, changes in equity, results of operations or cash flows.

The financial information on which this trading update is based is the responsibility of the Board of
directors of the Group and has not been reviewed by or reported on by the Group’s external auditors.


By order of the Board
Cape Town
3 April 2023                                Sponsor: Investec Bank Limited