News Leader
WATCH: How Shoprite weathered a gruelling year
Retail giant Shoprite released its full-year earnings on Tuesday, reporting a surprise 4% drop in earnings. The retailer is feeling the effects of the underperformance of its non-South African operations, where turnover declined by 7%. Its South African operations managed an increase in turnover of almost 6%, helping to lift overall turnover by 3.1%. The group has cut its final dividend by 14% to R2.79, bringing the total payout to R4.84. Shoprite expects its non-South African markets to remain under pressure following continued currency weakness and foreign exchange shortages in those regions. Shoprite CEO Pieter Engelbrecht spoke to Business Day TV about the results and discussed the company's Africa strategy.
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