Shoprite reports record sales

Source: Shoprite Holdings

South Africa’s largest retailer, Shoprite, has reported a healthy rise in its key market for the 52 weeks to 28 June 2020, despite significant Covid-19 lockdown restrictions impacting the group.

Highlights of the results include:

• Sale of merchandise increased by 6.4% to a record R156.9 billion;
• Excluding the impact of hyperinflation, trading profit increased by 10.4% to R8.3 billion;
• Diluted headline earnings per share (DHEPS) increased by 2.5% to 765.8 cents;
• Adjusted DHEPS increased by 16.6% to 717.5 cents;
• Full year dividend, in line with Group policy of 2x DHEPS cover, increased by 20.1% to 383 cents;
• Net cash position improved by R6.4 billion to R10.0 billion (2019: R3.6 billion);
• Net borrowings declined by R6.1 billion to R2.0 billion (2019: R8.1 billion); and
• A total of 147 stores comprising 101 corporate and 46 franchise stores were opened.