Shoprite weathers a testing year
Retailer, Shoprite's local supermarket division performed well during its full-year but not enough to offset losses in its rest-of-Africa operations. The group reported a near 20% fall in basic headline earnings per share as its international supermarkets division reported a trading loss of R265 million. The group has warned that a return to profitability in that segment will likely be hampered by challenging trading conditions and as such will consider closing unprofitable stores to cut costs. Group CEO, Pieter Engelbrecht joined Business Day TV to give some perspective on the numbers and ultimately, the retailer's Africa story.