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Retail

South Africa's Shoprite Sees Sales Up Despite Wider Africa Declines

Shoprite Holdings has posted a 3.6% increase in group sales in the 12 months to 30 June, to R150.4 billion (€8.82 billion), however the group's non-South Africa based operations saw sales and profits slump due to 'rampant' inflation and regulatory issues.

The group said that its performance follows a 'transformational year' in 2018, with the second half of the year seeing a marked improvement; its South Africa business saw sales grow by 7.4% in the second half of the year, and by 9.4% in the final quarter alone.

'We believe that the market share gains reflected in the most recent quarter are testament to our core South African business being back to full operational strength,' the group said in a statement.

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