• Restoring sanity to SA

    We should be driven by the thought that SA belongs to all who live in it, says Solly Moeng.

  • Clamouring for action

    2017 will see battles between politicians as well as those tired of politicking, says Daniel Silke.

  • Realistic dreaming

    Preparation and sound advice will turn entrepreneurial dreams into reality, says Ian Mann.

All data is delayed
Loading...
See More

Shoprite sales disappoint, shares drop

Jan 14 2013 12:15
Reuters

Company Data

SHOPRITE HOLDINGS LIMITED [JSE:SHP]

Last traded 192
Change 3
% Change 2
Cumulative volume 867163
Market cap 0

Last Updated: 08-12-2016 at 03:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Shoprite lifts sales on Africa business

Shoprite's share price falls

Shoprite shares dive on expansion plans

Shoprite to raise $1bn for expansion

Shoprite banks R4.7bn profit

Shoprite sees scope for 700 stores in Nigeria

 

Johannesburg - Shoprite Holdings [JSE:SHP], Africa's biggest grocer, reported a 14% increase in first-half sales on Monday, disappointing investors who had expected a bigger increase from the fast-growing retailer. 

Shares of Shoprite tumbled more than 3% after it said sales totalled R46.7bn in the six months to end-December. 

The Cape Town-based company, which operates in 17 African countries outside South Africa, said sales in those stores grew by 28% while its core South African business increased sales by 11.5%. 

"The general view is that the numbers are little bit light; not quite at the levels people were expecting," said Reuben Beelders, chief investment officer at Gryphon Asset Management. 

"Also the trend is down. Retailers have reported so many years of growing revenues, I think at some point there should be a slowdown. The price has run incredibly hard." 

Domestic retailers, which are also expanding into the rest of Africa, have been the darlings of investors in recent months but many analysts have said shares have been pushed to unjustifiable levels. 

South African consumers are also battling with high personal debt levels, rising electricity prices and chronic unemployment but above-inflation wage hikes, government grants and decades-low interest rates have somewhat softened the blow. 

Shares of Shoprite were down 3.7% at R192.46, making it the biggest negative contributor to the benchmark Top 40 - (Tradeable) [JSE:J200] index.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

shoprite holdings  |  retailers

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...