- October 31, 2024
- Posted by: vitalclick
- Category: Investments
South African supermarket group Shoprite reported on Tuesday, 29 October 2024, its first-quarter sales rose 10.4%, buoyed by new store openings and growth across all its operating segments.
Source: Reuters/Thomas Mukoya/
The retailer’s shares were up 5.86%.
Shoprite said in an operational update that its internal selling inflation eased to 2.6% during August and September, from 3% in July.
South African consumers are starting to feel relief after inflation cooled for a fourth consecutive month in September, to 3.8% from 4.4% in August, its lowest level in more than three years.
Shoprite opened 68 stores across the group on a net basis during its first quarter to end September. The majority of these, a net 53 stores, were opened in its core South African supermarket segment.
Sales at the group’s South African business, which includes Usave, Checkers, LiquorShop and UNIQ clothing, grew by 11.4% in the quarter.
Its non-South African segment, trading in nine countries across Africa, reported sales growth of 3.2% in rand terms and 19.7% in constant currency.