Blackouts cutting into Shoprite profits
JOHANNESBURG - The country’s largest retailer Shoprite would have increased its interim profits by 30 percent instead of 10 had it not been for power cuts, according to CEO Pieter Engelbrecht.
Shoprite managed double-digit sales growth in the six months to January.
Customers spent about R12-billion more at the retailer than in the same period a year before.
But Engelbrecht says power cuts are ruining the entire economic value chain.