SHP - Shoprite Holdings Limited - Operational update at Annual General Meeting
SHP
SHP
SHP - Shoprite Holdings Limited - Operational update at Annual General Meeting
SHOPRITE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration no. 1936/007721/06
ISIN: ZAE000012084
JSE share code: SHP
NSX share code: SRH
LuSE share code: SHOPRITE
("Shoprite" or "the company")
Operational update at Annual General Meeting
For the 3 months ending September 2009 the Shoprite Group grew turnover by
15,3% and increased its market share by 1,6% to its highest level of 31,67% in
September, which is also the largest share of all supermarket groups in South
Africa. This was achieved in a period in which internal food inflation
declined to a third of what it was for the same period of the previous year.
These results were achieved against the background of the prolonged recession
that became increasingly apparent as job losses and shrinking disposable
income took their toll on consumers.
The global recession has not left the rest of Africa unscathed. The Group`s
non-RSA business achieved a sales growth of 16,5% at a constant rate of
exchange. Due to the strengthening of the rand against other African
currencies a 4,3% sales growth in rand terms was achieved.
In a difficult furniture trading environment aggressive discounting
intensified putting additional pressure on margins. The Group`s furniture
division nevertheless managed to increase turnover by 8,8%.
Management expects a challenging trading period for the rest of the financial
year to June 2010. The current low food inflation and substantially higher
cost inflation in expense items is likely to continue.
Cape Town
26 October 2009
Sponsor: Nedbank Capital
Date: 26/10/2009 09:26:53 Produced by the JSE SENS Department.
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