Shoprite Share Price Increases As Sales Grow By 10%
Shoprite Share Price Increases As Sales Grow By 10%
Tuesday morning saw a nearly 5% surge in the share price of Shoprite following the company’s announcement of significant sales growth for the 52 weeks ending July 3, 2022.
Sales increased by more than R184 billion, or about 10%, over the previous reporting year’s 53 weeks.
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The group raised sales by about 12 percent over the previous 52-week period after accounting for the extra week of sales. This is in spite of the civic upheaval in July 2021, which affected 231 of its stores. Nine of the impacted establishments have been permanently closed, while more than 30 of them are still closed.
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Shoprite Share Price Increases As Sales Grow By 10%
Sales at South African supermarkets increased by 10.1% to close to R134 billion, accounting for 80% of total sales. Sales rose by 10.4% per cent in other African markets. Sales for its LiquorShop division increased by roughly 43% in South Africa. Sales prohibitions resulting from the epidemic cost it 144 trading days the year before vs just 48 trading days this year. Sales of furniture fell by 1.4 per cent.
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Shoprite Group also includes Usave, Checkers, House & Home and OK Furniture.
Across the group, prices increased by 3.9% for the year, with a big increase of close to 5% in the second half of the year.
The group added a net 127 stores, bring its total number of stores to 2 476.
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Shoprite will release its year-end results on 6 September 2022.
Its shares were trading at R219.14 on Tuesday morning, up 42% from a year ago.
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