Shoprite earnings take knock on non-SA operations
Group CEO Pieter Engelbrecht says it has been a ‘testing year’ in SA and the rest of Africa
20 August 2019 - 10:34
Shoprite’s shares fell to their worst level in more than three years after Africa’s largest food retailer reported a 20% drop in earnings and said it saw no immediate prospects of its troublesome non-SA operations returning to profitability.
In what Group CEO Pieter Engelbrecht described as a "testing year" in SA, the company was also held back by foreign-exchange shortages and currency devaluations in other markets, as well as rampant inflation in Angola...
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