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Black Friday, holiday sales spur demand at S.Africa’s Shoprite

Black Friday, holiday sales spur demand at S.Africa’s Shoprite

SHOPRITE, South Africa's biggest supermarket group, reported on Tuesday a nearly 14% jump in its half-year sales, supported by a record Black Friday and festive season as cash-strapped shoppers and upmarket consumers went after food deals. The retailer, with more than 2,900 stores across Africa, said group sales for the six-month period ended December 31 rose to 121.1 billion rand ($6.44 billion). Sales in the company's second quarter, which include November and the Christmas holiday period, rose 14.6%. Cash-strapped shoppers, hit by high interest rates and inflation, are spending less on discretionary items like clothes and shoes and more on food and essentials. "Sustained…
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South Africa’s Shoprite to quit Kenya

South Africa’s Shoprite to quit Kenya

SOUTH Africa’s Shoprite Holdings plans to sell or close its remaining two stores in Kenya by the end of December, leaving the East African country two years after entering it. The supermarket group has been reviewing its long-term options in Africa as currency devaluations, supply problems and weak consumer spending in Angola, Nigeria and Zambia have weighed on earnings. “Kenya has continued to underperform relative to our return requirements,” the company said on Tuesday as it posted a 16.6% rise in annual group earnings, adding its decision to leave had been cemented by the economic impact of the COVID-19 pandemic.…
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