Shoprite misses forecasts despite stronger home market [Reuters]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
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Source: Reuters
Shoprite misses forecasts despite stronger home market - Reuters 3 Min Read JOHANNESBURG (Reuters) - Shoprite Holdings ( SHPJ.J ) missed full-year earnings forecasts on Tuesday, hit by inventory shortages in South Africa and currency devaluations in the rest of Africa, which overshadowed an improved second half in its home market. The owner of Checkers and Usave retail chains is recovering from a poor first half when sales and profit were hit by a strike at its largest distribution center at home and installation of a new IT system which disrupted supply chains. The retailer reported significantly improved growth in the second half, driven mainly by its Supermarkets South Africa operation, where sales rose by 7.4% in the six-months ended June 30 and 9.4% in the final quarter. This business generates 74.9% of group sales. “We believe that the market share gains reflected in the most recent quarter are testament to our core South African business being back to full operational strengt
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