Local retailer, Shoprite, continues to generate robust revenue and profit in what it describes as a challenging trading environment. Releasing their financial results for the 26 weeks ended 31st of December 2023, the company reported sales of R121 billion, up 13.9 % on the year prior while operating profit hit R6.7 billion, up 8.1 percent.
The company attributes its performance to its offering across its brands and support from its customers, both in-store and online via the Checkers Sixty60 app, noting that sales in the online segment rose by 63% in the period.
It noted that it added some 197 new stores, taking its total number to 3 543, adding that it created some 2 617 jobs in the period. Shoprite shareholders will get an interim dividend of R2.67.
“We are very clear in our strategy. We’ve got nine strategic drivers. They’ve hardly changed over the years and we don’t do knee jerk decisions. We have a plan and then we act on the plan and we try to be clear and decisive in terms of execution that everybody’s on the same page in terms of what it is that we deliver and because of that level of execution. I think we get it more right than maybe others in terms of delivering to the consumer what they expect us to deliver,” says CEO of Shoprite Pieter Engelbrecht.
Video: Shoprite half-year profits:
