Shoprite sees 12% sales growth in SA, says food prices are cooling

South Africa&#039;s largest grocer managed another year of more than 10% growth in its local operations, helped by a rapid store expansion as well as a general pick-up in volumes.Shoprite&#039;s core South African supermarkets business delivered sales growth of 12% in the year to end June. The group also opened a total of 201 stores, bringing its total to 2 322.This part of the business also booked sales growth of almost 18% in the prior year, when Shoprite reported its stretch of consecutive market share gains had reached 52 months.Online sales from Checkers Sixty60 jumped 58% over the past years. Checkers and Checkers Hyper reported sales growth of 12.3%, while Shoprite and Usave stores reported sales growth of 11%.Like-for-like sales (without the new stores) were up a more sedate 6%, which compares to an increase in prices (selling inflation) of 5.8%.Shoprite said price increases have cooled from 7.7% in its first half, to 3% at the end of the financial year.The group increased total sales of merchandise by 12% to approximately R240.7 billion from continuing operations, after adding a net 292 stores during the period, including 73 OK Franchise stores, to a total of 3 639 stores across all its markets.Its supermarkets outside of South Africa grew sales by 6.1%, contributing 8.6% to group sales. This part of the business added 15 stores to a total 266. It operates in nine countries, including Nigeria, Zambia and Ghana.Shoprite&#039;s spending on diesel declined to R754 million over the past year, from R1.3 billion in 2023 as the country battled its worst-ever load shedding and retailers had to run generators to keep stores open. This decrease in diesel costs should be considered in light of a commensurate increase in electricity usage, it added, expecting its water and electricity expense for the year to pick up by mid to low single digits, referring to about 5% or lower.Shares in the retailer, which are valued at about R176 billion on the Johannesburg Stock Exchange (JSE), were up about 1.2% in morning trade and have risen by over 15% in the past year. At the same time, Pick n Pay was down marginally, while Spar had lifted 0.7%.- News24

Shoprite sees 12% sales growth in SA, says food prices are cooling

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Shoprite sees 12% sales growth in SA, says food prices are cooling

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