South African supermarket chain Pick n Pay to expand into Nigeria

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    South African retail giant Pick n Pay has announced plans to enter Africa's largest economy, Nigeria.

     

    The Cape Town-based retailer has agreed to partner with Lagos-based AG Leventis & Co.

     

    Pick n Pay will hold 51 percent of the operation in Nigeria "which will roll out a combination of large and smaller formats to meet consumer needs."

     

    The report though did not indicate when the Nigerian expansion would start.

     

    The retailer added that it had posted a 26% increase in full-year profits, with its earnings per share rising to R2.24 in the year through to February.

     

    Its sales increased 8.2% to R72.4-billion and the trading-profit margin improved from 1.9% to 2.1% in 2015.

     

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