Shoprite's festive season sales fall flat
By Robert Laing - Jan 22nd, 14:32
Shoprite's share price fell as much as 5.7% to R175.32 after it warned shareholders its interim results would show flat sales.
Joining the queue of JSE-listed retailers reporting disappointing Christmas sales,Shoprite said its total group sales declined 0.3% in the December quarter, the second of its financial year.
The drop in sales in December quarter followed just 0.42% growth in the September quarter, which Shoprite blamed on teething glitches in a new Gauteng distribution centre and strikes.
Shoprite is scheduled to release its interim results on February 26.
“Liquor stores remain a standout performer with 20.09% sales growth for the period,” CEO Pieter Engelbrecht said.
“The group's core business, Supermarkets RSA, achieved 2.58% sales growth for the period. Persistently low internal food inflation in SA of only 0.2% for the period marks 18 months of near stagnant prices of basic foods in which the group has a larger market share,” Engelbrecht said
“The core Shoprite middle income consumer base remains under pressure. This was evidenced in Christmas sales in categories such as back-to-school essentials, which outperformed traditional discretionary purchases such as toys for the first time.”Business Live
Is Woolworths unravelling in Australia?
15/02/2019 - 16:35
The sudden departure of two Australia-based nonexecutive directors of Woolworths has fuelled speculation that the troubled retailer will be forced to announce another huge write-down related to the R21bn acquisition of the David Jones department store.
Latest retail sales figures show disappointing trend
15/02/2019 - 10:01
Available economic activity data has shown that the economy ended last year on a weaker footing, with December retail sales figures being the latest to disappoint, declining for the first time in nearly two years.
Woolworths denies that it copied Superlatte products
14/02/2019 - 12:10
Woolworths has categorically denied allegations by Michelle Legge, who founded beverage company Superlatte in 2016, that the retailer has copied her product.
New market store opens through the Pick n Pay market store
14/02/2019 - 11:51
The community of Thokoza welcomed the opening of Matlala Market and it will now offer customers greater variety, a fresh offering and money services under one roof and on their doorstep.
Strike adds to Dis-Chem’s Christmas woes
14/02/2019 - 10:33
Dis-Chem’s Christmas sales have been hurt by a strike, the pharmacy chain warned in a trading update.