Shoprite Group increases turnover
Fin24 - Oct 28th 2014, 10:39
Cape Town - The Shoprite Group [JSE:SHP] has increased turnover by 12.3% for the three months to September 2014, with its core South African supermarket business seeing a similar increase.
Shoprite shares were up 6% at R149.46 at 08:21 GMT, on track for their biggest one-day gain in six years after the retailer's double-digit rise in quarterly revenue relieved some concerns about the impact of weak consumer spending.
The group's core business, namely South African supermarkets, increased turnover by 11.9%, which far outstrips the local industry average of around 2% year-on-year growth in July and August, according to data from Statistics South Africa.
Internal food inflation averaged 6.0% for the period compared to official food inflation of 8.9%.
The group's non-South African supermarkets increased its turnover by 15.9% and in constant currency terms, by 16.1%. This growth was affected by the sale of the Tanzanian business and the loss of a store in Angola due to fire. It reflects rising demand, for consumer goods, in fast-growing markets such as Nigeria.
The opening of 18 new food outlets since October 2013 supported the performance of the group’s non-South African operations.
Shoprite, like many South African companies, has been on a push to increase its sub-Saharan presence to offset weaker demand at home, where consumers are burdened with heavy debt, slow economic growth, and higher fuel prices.
The highly competitive market conditions in which the furniture division traded remained virtually unchanged. However, it managed to increase turnover by 11.5%. A further 27 new supermarkets will be opened before December 31 2014.
Although the group is well prepared and expects fair trading conditions in the run-up to Christmas, it is difficult to predict festive season consumer spending patterns.From Fin24.com
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