Good festive-season trading boosts Shoprite’s turnover
Grocery retailer Shoprite said on Tuesday that total turnover lifted 14% to R71.3bn in its first half, with like-for-like turnover growing 8.6%. In an operational update, the blue-chip company said sales in the supermarket operation in SA rose 10.7%, supported by "good festive-season trading". Like-for-like growth was 7.4%, with internal inflation averaging 7.4% for the period. Sales growth on the African continent, excluding SA, rose 32%, assisted by higher inflation. Like-for-like growth was 14.2%. Taken at constant currencies, sales grew 51.7%. Its furniture division grew sales 10% for the period. The company noted that credit sales continued to be affected by the changes in the National Credit Act. The other operating segments achieved growth of 10.5%, driven mainly by the performance of its OK franchise. The stock initially rallied 2% before reversing course to trade just less than 1% weaker at R178.39, giving the company a market capitalisation of about R102.5bn. The interim r...
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