South African supermarket operator Shoprite Holdings said it was able to report “strong growth” in its first quarter, despite ongoing “depressed market conditions”.
The company said total sales increased by 15.6% in the three months to the end of September, boosted by store openings and the performance of its international business. Sales at its supermarkets on the Africa continent were up 34.3%, or 26.4% excluding currency exchange. Meanwhile, in South Africa, revenues were up 12.2%. inflated by the opening of 20 new food outlets.
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Despite the strong performance, Shoprite CEO Whitey Basson sounded a note of caution on the key Christmas trading period. With consumers “under increasing pressure” Basson said it was “difficult to predict spending patterns” going into the festive season.
