Shoprite FY11 Sales Miss Estimates By Nearly 3% But Topline Still Pretty Good In Isolation

South Africa's leading food retailer by market value Shoprite's full-year sales to June 2011 have missed consensus estimates by nearly 3%. While we think that a 7.3% increase on FY10 sales to ZAR72.3bn (US$10.4bn) is pretty good taken alone, bearing in mind that the South African consumer still does not look all that good, consensus was at 74.4bn, which is why Shoprite's shares were down on the news.

To read the full article, please choose one of the following options: