Shoprite 53-week earnings up 48,5%

JOHANNESBURG – South African retailer Shoprite increased headline earnings per share for the 53 weeks ending June by 48,5 per cent and expected to maintain current turnover and growth, the group said yesterday.

Shoprite, which operates in South Africa and several other African countries, said total turnover in the 53 weeks to end-June increased by 11,9 per cent to 29,81 billion rand while operating profit before foreign exchange effects rose 27,8 per cent to 912,2 million rand. Shoprite said the financial year under review comprised 53 weeks compared to the corresponding 52 weeks in 2004.On a 52-week basis, headline EPS – which excludes non-trading, capital and certain extraordinary items – increased by 35,2 per cent while turnover rose 9,7 per cent to 29,23 billion rand.Shoprite said despite the effect of low food inflation at 1,6 percent and rising operational costs, the group increased operating profit.The group said it expected to maintain turnover growth and profitability.”The robust growth in turnover of the past year is being continued in the new financial year, which will be supported by an aggressive new-store programme, and we intend growing strongly off the more structured base we created this year,” Shoprite said in statement.- Nampa-ReutersShoprite said the financial year under review comprised 53 weeks compared to the corresponding 52 weeks in 2004.On a 52-week basis, headline EPS – which excludes non-trading, capital and certain extraordinary items – increased by 35,2 per cent while turnover rose 9,7 per cent to 29,23 billion rand.Shoprite said despite the effect of low food inflation at 1,6 percent and rising operational costs, the group increased operating profit.The group said it expected to maintain turnover growth and profitability.”The robust growth in turnover of the past year is being continued in the new financial year, which will be supported by an aggressive new-store programme, and we intend growing strongly off the more structured base we created this year,” Shoprite said in statement.- Nampa-Reuters