JOHANNESBURG – South African supermarket group Shoprite said yesterday a new accounting rule on the treatment of lease payments will have no material impact on its annual earnings.
Bulk retailer Massmart has said the rule, which states that lease payments or income should be recognised as an expense or income on a straight line basis over the lease term, will reduce its headline earnings per share for the year for the year to June by 27 cents. The impact of the change will have no material impact on earnings per share and headline earnings per share of the financial results to be released for the year ended June 2005, Shoprite said in a statement to the Johannesburg bourse.Shoprite will announce its annual results next Wednesday.-Nampa-ReutersThe impact of the change will have no material impact on earnings per share and headline earnings per share of the financial results to be released for the year ended June 2005, Shoprite said in a statement to the Johannesburg bourse.Shoprite will announce its annual results next Wednesday.-Nampa-Reuters
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