Tuesday, 25 February

Shoprite sales in Ghana slump 3.1%

Business
Shoprite

Africa retail giant Shoprite has announced a 3.1% decline in sales in all its Africa operations including Ghana with the exception of South Africa.

In its half-year financial performance ending December 2019, it pinned the performance on currency devaluations in the African markets in which it operates.

“We have continued to experience ongoing currency devaluations and volatility in key markets in which we trade”, it said.

“During the reporting period, the Angolan kwanza, Zambian kwacha, Nigerian naira and Ghana cedi depreciated 40.4%, 20.8% 18.2% and 12.9%, respectively against the US dollar when compared to the previous year,” the update read.

The group's total sales increased by 7% to approximately R81.2 billion, driven by growth in its South African supermarkets, up 9.8% for the period to R61.7 billion.

Other operating segments – which include businesses OK Franchises, Computicket, MediRite Pharmacies, Transpharm and Checkers Food Services – grew sales by 4.4% to R5.4 billion.

Meanwhile, the group's interim results for the half-year period ending December 29, 2019, will be released on February 25, 2020.

 

Source: classfmonline.com