South African retailer Shoprite has posted a 7% rise in annual sales but the increase fell short of analyst forecasts.
The company reported on Monday (18 July) that turnover climbed 7.3% to ZAR72.3bn (US$10.5bn) in the 12 months to the end of June.
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However, analysts polled by Thomson Reuters expected revenue of ZAR74.4bn. The median estimate of analysts contacted by Bloomberg stood at ZAR73.6bn.
If the extra week in Shoprite’s previous financial year was excluded, turnover was up 9.7%. On a like-for-like basis, sales rose 4.5%.
Sales from Shoprite’s supermarkets in South Africa increased by 7.2% – or by 9.8% when the extra week in 2010 is excluded.
Revenue from stores outside South Africa rose 10.2% or by 12.8% on a 52-week basis. When measured in rands, sales increased 2.1%.
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