On the face of it, Shoprite should have exhibited poor results, considering that its target market is the lower end of the social spectrum, which has been disproportionately hard hit by the Covid-19 pandemic.

But the end result was far from that and Shoprite not only gained market share, but improved its operating profit margin considerably. At the bottom line, diluted headline earnings per share (HEPS) rose 10.4% and the dividend was increased 22.4%...

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