Shoprite records strong performance despite spending over R1.3 billion on load shedding related costs.
Loading player...
GUEST - The Finance Ghost – Retail Analyst
South Africa’s biggest retailer, Shoprite, has recorded a strong financial performance despite spending over R1.3 billion on diesel to curb load shedding. In its financial results for the 52 weeks that ended 2 July 2023, the group grew sales by 16.9% to R215 billion, which its supermarkets in South Africa have underpinned. Checkers and Checkers Hyper also saw 18.0% sales growth, whilst Checkers Sixty60 increased sales by 81.5%.
The on-demand grocery delivery app also expanded its services from 300 stores in 2022 to 466 stores in 2023. The low prices and affordability at Shoprite and Usave also resulted in sales growth of 15.6%. Overall, the group’s trading profit also increased by 5.7%, which resulted in a trading margin of 5.5% (restated 2022: 6.1%)
South Africa’s biggest retailer, Shoprite, has recorded a strong financial performance despite spending over R1.3 billion on diesel to curb load shedding. In its financial results for the 52 weeks that ended 2 July 2023, the group grew sales by 16.9% to R215 billion, which its supermarkets in South Africa have underpinned. Checkers and Checkers Hyper also saw 18.0% sales growth, whilst Checkers Sixty60 increased sales by 81.5%.
The on-demand grocery delivery app also expanded its services from 300 stores in 2022 to 466 stores in 2023. The low prices and affordability at Shoprite and Usave also resulted in sales growth of 15.6%. Overall, the group’s trading profit also increased by 5.7%, which resulted in a trading margin of 5.5% (restated 2022: 6.1%)
