South African supermarket operator Shoprite Holdings said it has maintained its “robust and established” growth pattern, booking an increase in half-year profits.
Earnings for the six month period earnings grew 19.6% to ZAR1.70bn (US$191.3m), the company reported today (20 February). Total sales grew 13.8% to ZAR46.72bn.
CEO Whitey Basson said the growth was largely due to “on-going and very substantial” investments in infrastructure over the last few years.
Looking ahead, Basson said there were no signs the cost pressures on consumers were about to ease, but said he did not expect market conditions to change materially for the rest of the financial year. He added: “[I am] nevertheless confident the group will be able to maintain its present levels of growth and profitability.”