Pick n Pay Misses Dividend Estimates as Power Costs Increase

Pick n Pay Stores Ltd. missed dividend estimates as South Africa’s third-largest grocer incurred extra costs to keep the lights on at its stores amid nationwide power outages.

A dividend of 1.85 rand a share was declared for the 12 months ended Feb. 26, the Cape Town-based company said in a statement on Thursday. That compared with a 1.92-rand median estimate of eight analysts surveyed by Bloomberg. Sales rose 8.9% to 106.6 billion rand ($5.9 billion).