Africa's Largest Grocer Boosts Sales by Avoiding Price Increases [BNN Bloomberg (Canada)]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: BNN Bloomberg
Customer visits to stores including Checkers and Shoprite in the six months through December climbed 6.4% with the average amount spent by each shopper rising 7.7%, the Cape Town-based retailer said in a statement Tuesday. Shoprite has a “steadfast commitment to lowest prices, in-stock availability, efficient operations and ongoing product and store development,” Chief Executive Officer Pieter Engelbrecht said in a separate statement. Lower fuel prices and improvement at its supply chain helped South Africa's second-largest company by revenue maintain its margin. Shoprite's shares rose as much as 3.1% in Johannesburg, the biggest intraday gain in a month, even as the benchmark index dropped. What Bloomberg Intelligence Says... Shoprite's fiscal 2024 outlook seems to put more emphasis on sales — albeit with inflation slowing to only 5.3% in the first six weeks of 2H — to take advantage of the relative weakness of its larger rivals with some margin contraction as a consequence.
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