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Pick n Pay Slides as Weak South African Consumer Spending Weighs

  • Customers ‘finding it harder to make ends meet,’ CEO says
  • Analyst expectations for grocer were ‘very high,’ Vestact says
An employee re-stocks shelves with cartons of fruit juice at a Pick n Pay Stores Ltd. supermarket in Johannesburg, South Africa, on Monday, July 25, 2011. Pick n Pay Stores Ltd., South Africa's second-biggest grocer, this month said it plans to fire 3,137 workers, or 8.6 percent of its workforce, to trim labor costs.
Photographer: Nadine Hutton/Bloomberg
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Pick n Pay Stores Ltd. fell the most in five months after South Africa’s second-biggest supermarket chain missed expectations for full-year earnings and as struggling consumers seek cheaper food.

Earnings excluding one-time items climbed 17 percent to 2.58 rand per share in the 12 months ending Feb. 26, the Cape Town-based company said in a statement on Wednesday. That compared with a median estimate of 14 analysts of 2.67 rand. Sales rose 7 percent to 77.5 billion rand ($5.8 billion).