Published On: Tue, Aug 22nd, 2017

Shoprite profits up despite challenging condition



JOHANNESBURG, (CAJ News) – THE Shoprite Group has defied tough market conditions to deliver industry-leading results for the 2017 financial year.
Now serving over 35 million individual customers on the African continent, the group gained market-share and grew trading profit 11,6 percent (15,7 percent compared to 52 weeks) to R8 billion ($605,9 million).
Turnover was up 8,4 percent (52 weeks: 10,6 percent) to R141 billion.
Shoprite Chief Executive, Pieter Engelbrecht, said the company had achieved 64 consecutive quarters of like for like sales growth.
“Our latest results are proof that the Group is healthy and able to thrive across multiple brands and countries, notwithstanding the headwinds.”
On the outlook, Engelbrecht said they expected that high levels of unemployment would persist with continued consumer indebtedness and shrinking disposable income.
“However, we have proven our ability to operate profitably in such circumstances. In fact, we no longer consider poor trading environments as exceptional. Volatile and difficult trading conditions are now standard,” Engelbrecht said.
The group will continue to establish new outlets in South Africa and the doors of its 1001st supermarket in the country will be opened on Wednesday.
Currently it trades in 15 countries through 2 689 stores and communicates to customers in 23 languages.

 CAJ News

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