Shoprite defies tough market conditions


Funds can gain indirect exposure to the rest of the continent by investing in FTSE/JSE-listed companies such as Shoprite which earns 12 percent of its earnings from its rest-of-Africa operations.

JOHANNESBURG – The Shoprite Group continues to defy tough market conditions after it grew its trading profit and market share by almost 12-percent.

The retailer’s local sales, which make up over two-thirds of its business, was up by 8-percent for the year ended in June.

Africa’s largest grocery chain added over 6,000 jobs and opened 51 new stores outside South Africa.

READ: Shoprite guns for Woolworths' upmarket customers

Shoprite has reiterated its focus on the middle-and lower-income market by subsidising basic food prices.

The group says it now considers volatile, difficult trading conditions as standard and no longer exceptional.