South Africa's biggest grocer Shoprite Holdings reported a 10.3% increase in annual profit on Tuesday as shoppers flocked to discount store chains for everything from groceries to household supplies in the face of higher inflation.
The discount chain with stores in 11 African countries raised its final dividend to 3.67 rand per share, up from 3.53 rand, although one fund manager said it was still lower than investors had been looking for.
Shoprite's basic HEPS, the main profit measure in South Africa, from continuing operations rose 10.3% to 1,055 cents. The company maintained its gross profit margin at 24.5% but its trading margin fell slightly to 6% from 6.1%. Lower income shoppers flocked to Shoprite's discount store chains for everything from groceries to household supplies, enticed by promotions as inflation drives up basic food prices.
Sales by the group, with more than 2,900 stores across Africa, grew 9.9% to 184.1 billion rand, while its core South African supermarkets business increased sales by 10.1%.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WATCH | Springboks’ Eben shares a drink with Wallabies’ Alaalatoa after viral altercationSpringboks lock Eben Etzebeth and Wallabies prop Allan Alaalatoa have seemingly 'made up' after their altercation on the field went viral.
Read more »
PHOTOS | Former Miss Supranational SA Thato Mosehle shares snaps from her bachelorette party | ChannelThato Mosehle shared photos and videos of her bachelorette celebration over the weekend and revealed that 'the big day is almost here'.
Read more »
PHANTOM SHARES: The Finance Ghost: JSE delistings continue, with Mediclinic set to disappearWe aren’t used to seeing big names leaving the public market, yet this trend is coming through strongly.
Read more »
Customer experience is key, and other learnings from CX tech experts, 1StreamJed Hewson, CEO of CRM and cloud-based contact centre technology leader 1Stream, shares his five key learnings and how the company is meeting market needs.
Read more »
MARKET WRAP: JSE holds up as its European peers reel from energy supply jittersThe local share market is still recovering after a big sell-off last week during which foreign investors offloaded R14.9bn worth of shares on a net basis
Read more »
Gwyneth Paltrow shares rare photos with her kids – and they're all grown up! | ChannelGwyneth Paltrow is giving fans an inside look into her summer with her family.
Read more »