Shoprite Just a spoonful of Whitey
The Shoprite interims, then, for the six months through December, telling a story somewhat sunnier than that of Massmart, with South African sales up 10.7%, and like-store sales a still-respectable 7.4% with internal inflation running at exactly that also. Sales as you know have been clobbered by high inflation, which hit 6.8% in December and by rising food prices which soared during our worst drought since 1904. Beyond our borders, different story: sales were up 32.2%, or 14.2% on a like-store basis, against a backdrop of forex shortages and a commodity bust on our perennially-promising continent. Counter-intuitively, furniture sales, which may have been expected to decline as food prices rose, grew a handsome 10% for the period.
Comment: Shoprite results, while still very respectable, just aren’t the same without the wit and wisdom of Whitey to help them go down.