South African supermarket operator Shoprite Holdings has booked an increase in full-year sales but said revenues slowed in the second half amid weaker consumer spending in its domestic market.
In the 12 months to the end of June, the group increased sales by 21.1% to ZAR92.7bn (US$9.3bn). On a like-for-like basis, sales were up 5.8%.
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However, the growing pressure on consumers’ disposable incomes reflected a slow-down in sales in the retailer’s home supermarket division, it said, which grew sales by 9.8%.
This had an impact on the group’s total performance which saw turnover growth of 10.4% in the second half of the year, compared to 13.8% in the first half.
Outside of South Africa, sales increased by 27.9%.
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By GlobalData
