Continuing its ever so slightly mystifying expansion into Africa this week would be Pick n Pay, which has announced that it intends to open stores in Ghana next year. Ghana you see, has an economy that is growing at a walloping 6.9%, unlike some others we can mention (coughsouthafricacough), and presents an attractive target to even the more cautious retailer. Pick n Pay’s like store sales grew 7.8% in Africa beyond our borders for the six months just gone, and Mr Brasher and the team believe there’s more where that came from. Like Zambia, where the Big Blue has enjoyed more than a modicum of success, Ghana is blessed with political stability, solid macroeconomic fundamentals and high commodity prices. In addition, punters there are connected to the global communications matrix and show a healthy willingness to experiment with brands. 

Comment: And it’s just a little closer to that Holy Grail of the intrepid, Nigeria, where an outfit called Shoprite has already set up shop.

The bad news for Mr James Wellwood “Whitey” Basson is that they’re coming after him for his salary. The good news is that “they” are an asset management crowd who own a bit of Shoprite stock and rejoice in the utterly, utterly ludicrous name of “Mergence”. Perhaps they are late 90s ambient DJs in their spare time. Whatever the case, they have pointed out that while Mr JW is only the tenth top-earning CEO in the Republic, he is number one when it comes to income inequality with his labour force, out-earning the average Shoprite drone 725 times, just about twice the ratio of number two, AVI. Which is all well and good, they say, when the Big Red One is on a roll, but when NPAT is growing at a scant 6.6%, as it did last year, different story. So it was pitchfork time down at the AGM, we are told, with Mergence slapping executive remuneration on the agenda. 

Comment: In fairness. Whitey has taken a self-imposed salary freeze for two years in a row, taking home just R49.9million this year, and hasn’t picked up the old bonus check from the front desk either.

The analysts have not been an easy crowd to please this results season, nor to be honest have they had much reason to be. And then along comes the debonair Mr Kneale over at Clicks, singing, dancing, meeting their growth expectations and opening stores left right and centre. Operating profit up 10% to R1.2billion for the year through August, off sales which were up 9.4% to just north of R20billion. Speaking of store openings, they opened 22 last year, but kept like store sales up a respectable 6%. Having invested R337million on growth in the last FY, they have mentioned that they will be forking over another R370million in the next one, on new store openings in their relentless drive to 600, and the refurb of 45 existing shops, with a bit left over for IT, always an important buy in this modern age.

Comment: And those accusations that Clicks is safe and predictable? “We are selling health and beauty, that is supposed to be sexy,” says a slightly miffed Mr Kn.

When you get to a certain age, you can use the words “China Crisis” in a header, and nobody will have a clue what you are talking about, except some sort of a crisis, perhaps, in China. Anyway, that is what global groceries’ giant Unilever has experienced in the third quarter, and we aren’t talking about any mid 80s pop duo, either. Sales in the Asian behemoth are down you see, to the tune of 20%, driven thither by a deflating property bubble, a crackdown on corruption and weak demand from Europe. And this has contributed to a downturn at Le Grand Bleu, where sales were down 2% for the quarter, to €12.2billion. On the upside, sales on the North American continent, home to Canada, Mexico and the United States, were up a slight but hopeful 0.6%. 

Comment: Corrections in the world’s largest economy may be a bitter pill to swallow right now, but may pay more sustainable dividends in the long run.

In June this year, Premier Foods bought Ngwane Mills in Swaziland having snaffled up Star Bakeries and Lil-lets in November last year. Premier, you will recall, already owns Blue Ribbon bread, Snowflake wheat, Iwisa maize and cotton-wool brand Dove, so the mix of bakery and personal hygiene products, while odd, is at least historic. And now, according to Mr John Gnodde, CEO of Brait which owns a controlling stake, Premier is eyeing further purchases, but he won’t say what right now. Although he will say that Brait will help bankroll the deal. And that Brait is looking to up its stake in Premier itself, from 85% to 90%. Brait, which also owns Pepkor, has a war chest of R2.8billion, and is looking to spend it, said Mr John Gnodde.

Comment: And he is Mr John Gnodde, and we are inclined to believe him.

The Consumer Price Index (CPI) grew by just 5.9% year-on-year for the month of September, confounding the expectations of economists who it must be said were just 0.2% off this time, having thought it would be 6.1%. Either way, the figure is just very slightly good news for our embattled consumers. Food inflation was higher at 8.5% year-on-year – high, but a healthy drop from 9.4% in August. Transport grew just 4.2%, down from 6.1% the previous month. With the recent decline in the fuel price, this was hardly unexpected. But food was the big surprise. The decline in inflation diminishes the likelihood of even a modest hike in interest rate next month, although with the volatility of the dear old ZAR, nothing can really be said to be off the table.

Comment: Still it’s nice that things won’t be quite so dear for a bit, isn’t it.

Jumping on the global low-T bandwagon this month is Aspen, which has just acquired the license rights to an innovative unmodified oral testosterone replacement therapy from US specialty pharmaceutical firm TesoRx. For these it will, eventually, pay a total of $15million. Good for it.

More management changes over at the Big Feller, where CFO Jamie Wilson, will assume responsibility for investor relations, General Counsel, John Davidson, will assume responsibility for regulatory affairs, communications and sustainable development, and Group Director of Corporate Finance and Development, Domenic De Lorenzo, will assume additional responsibility for group strategy.