Shoprite Reports Double Digit H1 Turnover Growth

South Africa's second largest mass grocery retailer (MGR) by market share (29.4% according to Nielsen) and Africa's largest by market capitalisation (ZAR31bn in August 2009) Shoprite has reported a 12% year-on-year (y-o-y) increase in first half turnover (six months to December 31 2009) to ZAR33.1bn (US$4.45bn). Shoprite's domestic supermarket sales increased 14.6% y-o-y as its core focus on the low-mid tier of the market continued to pay dividends with headline consumer confidence remaining flaky. With a y-o-y improvement in consumer confidence likely and the FIFA World Cup harnessing a boost, Shoprite should perform similarly well over the second half.

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