SOUTH AFRICA: Shoprite grows H1 sales and profits
By Sam Webb | 20 January 2012
South African retailer Shoprite has today (20 January) posted a first-half jump in profits and sales.
It announced that trading profit rose 11.9% to ZAR1.8bn (US$4.9m), while turnover increased 9.4% to ZAR36.2bn.
The Group's supermarket business reported positive sales growth of 8.4% to ZAR28.515bn and trading profit growth of 15.8% to ZAR1.5bn
JW Basson, chief executive, said: "The group successfully weathered a challenging trading period despite internal deflation averaging 1.2% for the period and operating expenses such as electricity, water and rates and taxes increasing 36%.
"All the segments, with the exception of the furniture division, reported acceptable turnover growth and trading profits. The group continues to invest in infrastructure and new stores for future growth."
Sectors: Retail
Companies: Shoprite
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