SOUTH AFRICA: Shoprite reports H1 sales growth

By Katy Askew | 21 January 2014

Shoprite sees overseas growth

Shoprite sees overseas growth

South African supermarket operator Shoprite Holdings has booked an increase in first-half sales, boosted by sales growth from its businesses in the rest of Africa.

In a trading update, Shoprite said total turnover in the six months to the end of December grew by 9.6% to ZAR51bn (US$4.71bn). Like-for-like sales rose 4.3%, the company added.

The firm's South African supermarket unit saw sales increase by 7.6%, with internal food inflation averaging 3.8%. Shoprite's non-South African supermarkets achieved sales growth of 27.5%, or 14.9% on a constant-currency basis. 

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For the six months ending December 2013, the Shoprite Group grew turnover by 9.6% to about R51.0 billion. Growth in turnover on a like-for-like basis was 4.3%.

The South African supermarket operation increased sales by 7.6%. Internal food inflation averaged just 3.8% compared to the estimated official food inflation figure of 5.6%.

Christmas trading for the month of December was impacted by the closure of all RSA stores on 15 December 2013 as a mark of respect following the passing of former President Nelson Mandela. These stores were closed on the day of the funeral. It is estimated that should these stores have traded on the day, sales of some R260 million would have been generated, impacting turnover growth for the period by 0.7%

The Group's non-RSA supermarkets achieved a sales growth of 27.5% and 14.9% in constant currencies.

The Group's furniture division managed to grow sales by 10.5% for the six months to December 2013.

The above financial information has not been reviewed or reported on by Shoprite Holding's auditors. The financial results for the review period will be published on Tuesday, 25 February 2014.

Original source: Shoprite Holdings

Sectors: Emerging markets, Financials, Retail

Companies: Shoprite

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