financetom
Business
financetom
/
Business
/
South African grocery retailer Shoprite's annual sales jump 12%
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
South African grocery retailer Shoprite's annual sales jump 12%
Jul 30, 2024 12:58 AM

JOHANNESBURG, July 30 (Reuters) - South Africa's biggest

supermarket group Shoprite said on Tuesday that total

sales of merchandise for the full year jumped 12%, buoyed by new

store openings and as the majority of its store brands reported

double digit sales growth.

Shoprite's total sales from continuing operations rose to

240.7 billion rand ($13 billion), including the hyperinflation

impact in Ghana. Like-for-like sales growth for the period

measured 6.3%, with the stores acquired from Walmart ( WMT )-owned

Massmart included in like-for-like sales growth only for the

second half period.

The group's core business, Supermarkets South Africa, grew

sales by 12.3%, contributing 81% to group sales, with its

upmarket grocery chain Checkers growing sales by 12.3%. The

Checkers Sixty60 online grocery delivery business grew sales by

58.1%.

Its discount grocery brands, Shoprite and Usave, which

compete with Pick n Pay's Boxer chain, reported sales

growth of 10.7%.

The retailer, which also operates in nine countries

across Africa, opened 292 stores during the period, including 63

new format, adjacent category specialist stores such as pet,

baby and clothing, to a total of 3,639 stores from continuing

operations, it said.

Grocery retailers are diversifying their revenue streams

and aiming to capture a greater share of the retail consumer

market, spanning outdoor gear to baby clothes, strollers and pet

shops.

($1 = 18.4593 rand)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Molson Coors Beverage's Weak Q1 Results to Weigh on Investor Sentiment Despite Relatively Low Valuation, UBS Says
Molson Coors Beverage's Weak Q1 Results to Weigh on Investor Sentiment Despite Relatively Low Valuation, UBS Says
May 26, 2025
03:34 PM EDT, 05/09/2025 (MT Newswires) -- Molson Coors Beverage's ( TAP/A ) weak Q1 results and cautious outlook are likely to weigh on investor sentiment in the near term despite its relatively low valuation, UBS said in a note Friday. Molson Coors' ( TAP/A ) shares fell after a weak Q1 and lower full-year guidance, the UBS analysts noted....
Outbrain Shares Drop After Reporting Wider-Than-Expected Q1 Net Loss
Outbrain Shares Drop After Reporting Wider-Than-Expected Q1 Net Loss
May 26, 2025
03:36 PM EDT, 05/09/2025 (MT Newswires) -- Outbrain ( OB ) shares fell 2.1% in recent trading Friday after the company reported a wider-than-expected Q1 net loss. The adjusted net loss of $0.20 per diluted share widened from the loss of $0.10 a year earlier. Analysts polled by FactSet expected a loss of $0.13. Revenue in the three months ended...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Oil Rig Count Drops by 5; Crude Prices Advance Ahead US-China Trade Talks
Oil Rig Count Drops by 5; Crude Prices Advance Ahead US-China Trade Talks
May 26, 2025
03:35 PM EDT, 05/09/2025 (MT Newswires) -- The number of oil rigs in the US decreased by five in the week through Friday, data compiled by energy services company Baker Hughes ( BKR ) showed. The count for oil fell to 474 from last Friday's 479 tally, while gas remained at 101. Miscellaneous rigs decreased by one to three. The...
Copyright 2023-2026 - www.financetom.com All Rights Reserved