25 June 2004
	SA's Top 20 Companies 4 Pick 'n Pay Total score: 58,6 Historic score: 38 FM's score: 73

Pick 'n Pay's 2004 earnings were slightly below analysts' forecasts but were still good despite food price deflation. The loss at Franklins in Australia was reduced and it's possible that the company will break even in financial 2005. The introduction of Score at the bottom end of the market in the Western Cape didn't work and the format is being withdrawn from that region. The group also sold Boardmans to Edcon during the year. Though the share price has fallen back from its peak of 1 950c achieved earlier this year, it's still in a strong upward trend.