Shoprite's share price falls
Cape Town - Analysts have expressed disappointment in the trading update of SA's largest supermarket chain, Shoprite Holdings Limited [JSE:SHP], reports the Business Day.
Shares declined to R156.81, down 11%, which could signal that Pick n Pay may have finally arrested declines.
With a market cap of R89.37bn compared to Pick n Pay Stores' [JSE:PIK] R20.9bn, Shoprite increased turnover to 14.4% to R82.7bn in the year to June 30 from the corresponding period last year, while growth on a like-for-like basis was 8.5%.
Meanwhile, Pick n Pay's headline earnings per share declined to 15% in the year to February 29. Investment costs had a negative effect on profit margins.