Despite Say Recession Dey, Shoprite Profit Don Rise: Turnover Hits Don Hit N3.86 Trillion

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Shoprite Holdings Ltd don report group full-year earning of 141 billon rand or N3.86 trillion for their financial year wey end for July 2017 with sales from Nigeria and Angola, two of the key markets outside South Africa contribute strongly to group sales. The company don record significant growth for naira sales, despite say recession hit the country last year. Analysts however believe say Shoprite dominance in essential commodity sales and move into the sales of mainly local products dey help am weather the stormy economy. Even though say the South African based retailer no release the exact sales figures for Nigeria, they announce say e grow naira sales for the country by 48.2 percent in July 2, 2017. Shoprite also announce say them increase their customer numbers in the country by 38.2 percent in the year July 2017. Here na the statement wey Shoprite yesterday.

“Supermarkets outside South Africa, which trades in 14 countries in the rest of Africa and the Indian Ocean islands, again produced healthy results. The 308 outlets generated sales of R24.8 billion (N682 billion), 11.7 percent higher than the corresponding period (52 weeks: 13.5%). Angola and Nigeria continue to be the top performers, despite a shortage of foreign currency in these oil-producing countries,” “Notwithstanding the trading difficulties, the customer base remains healthy, with the Group’s supermarkets in Nigeria increasing customers by 38.2 percent.” The company also said that local products now make up 80 percent of its sales in the country, a boost to local manufacturers and the quest to promote “Made-in-Nigeria” goods locally and internationally. Shoprite get 23 stores in Nigeria, with a further two under construction.

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