Shoprite reported strong growth in annual sales and added 340 stores

Shoprite reported 16.9% growth in annual sales to R215 billion

1. Despite 10.1% internal selling price inflation, discounts and value paid off
2. The group added 340 stores, taking the total to 3,324 outlets
3. Like-for-like sales were flat, showing constrained consumers
4. However, Shoprite’s gross margin will be lower due to increased promotions
5. Consumers are in distress and always on the lookout for discounts
6. Shoprite SA supermarkets segment grew 17.8% overall and 10.3% like-for-like
7. Shoprite spent R1.3 billion on diesel during load shedding