RETAILING: Shoprite Grows Turnover 9.5% Despite Deflation
Recent Western Cape Business News
Cape Town-headquartered Shoprite Holdings has announced turnover growth for the six months to December 2010 of 9,5% to R36,3bn despite internal deflation averaging 1,2% during that period. Growth on a like-for-like basis was 2,8%. It ended the period strongly with sales growth of 11,9% for December.
Shoprite CE Whitey Basson said the group’s core business, its supermarket operation in South Africa, increased sales by 8,4% and by 3,2% on a like-for-like basis.
Due to the continued weakening of most currencies against the rand, the turnover of the group’s non-RSA supermarkets in rand terms increased by only 3,0% and, on a like-for-like basis, by about 1,0%. However, taken at constant currencies, a rand turnover growth of 13,5% was achieved.
Basson said the group’s furniture division grew sales by 4,3% during the reporting period. The furniture industry was harder hit by the current economic slowdown than most other areas of the retail sector.
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