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Shoprite's African foray paying off
Food and furniture retailer Shoprite said yesterday turnover grew 27.3% to R29,6bn for the six months to last month with the group's African business continuing to forge ahead.
The group, which in September replaced industrial group Barloworld on the JSE Top-40 index, saw turnover growth on a like-for-like basis increase 22%.
Shoprite's supermarket operation in SA increased sales 24.5% and 20% on a like-for-like basis while its non-local business continued to perform ahead of budget, growing rand turnover 54% and, on a like-for-like basis, 50.3%.
The group said the main contributing factor was the fact that most currencies strengthened against the rand.
Absa Asset Management Private Clients analyst Christopher Gilmour said Shoprite's turnover growth was “outstanding” and highlighted how astute the company was in gaining first mover advantage in the rest of Africa over a decade ago.
“This has helped to diversify the group's business at a time when consumer spending in SA has come under severe pressure,” Gilmour said.
He said it would be interesting to see how much of the growth was due to the effect of the strengthening of other African currencies against the rand and how much was operational.
Source: Business Day
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