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Johannesburg - Shoprite Holdings [JSE:SHP] said on Thursday that for the 53 weeks to end-June 2010, the group increased total turnover by 13.6% to about R67.4bn, compared to the corresponding 12 months of 52 weeks in 2009.
Shoprite said that if the additional week of the current reporting period is disregarded, turnover growth would have been 11.1%. Growth on a like-for-like basis was 4.8%. Internal food inflation was 2.2% compared to 15.8% during the corresponding 12 months.
Turnover growth slowed in the second half of the year to 10.3% from 11.9% in the first half.
"This must be viewed against internal food inflation that reduced from 4.2% in the first six months to 0.2% in the second," the group said.
The South African supermarket division, the core operation of the group, increased sales by 14.6% and 12% on a 52-week basis.
Turnover of the 106 supermarkets the group operates outside South Africa declined by 2.1% on a 53-week basis, and 4.3% on a 52-week basis. This was due to the strengthening of the rand against the currencies of some of the African countries in which the group trades.
At constant currencies, however, these operations grew about 18% on a 53-week basis and 15.3% on a 52-week basis.
Despite reduced consumer spending on durable goods, the furniture division succeeded in growing turnover by 16.7% on a 53-week basis and 14.4% on a 52-week basis in a relatively low inflationary environment.
The financial results for the review period are expected to be published on or about August 25.
- I-Net Bridge
Shoprite said that if the additional week of the current reporting period is disregarded, turnover growth would have been 11.1%. Growth on a like-for-like basis was 4.8%. Internal food inflation was 2.2% compared to 15.8% during the corresponding 12 months.
Turnover growth slowed in the second half of the year to 10.3% from 11.9% in the first half.
"This must be viewed against internal food inflation that reduced from 4.2% in the first six months to 0.2% in the second," the group said.
The South African supermarket division, the core operation of the group, increased sales by 14.6% and 12% on a 52-week basis.
Turnover of the 106 supermarkets the group operates outside South Africa declined by 2.1% on a 53-week basis, and 4.3% on a 52-week basis. This was due to the strengthening of the rand against the currencies of some of the African countries in which the group trades.
At constant currencies, however, these operations grew about 18% on a 53-week basis and 15.3% on a 52-week basis.
Despite reduced consumer spending on durable goods, the furniture division succeeded in growing turnover by 16.7% on a 53-week basis and 14.4% on a 52-week basis in a relatively low inflationary environment.
The financial results for the review period are expected to be published on or about August 25.
- I-Net Bridge
