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Shoprite Holdings, a leading supermarket retail company linked to South African billionaire Christo Wiese, is off to a terrific start in the first quarter of its 2023 fiscal year after delivering a strong financial performance and a considerable increase in revenue in 2022.
In an operational report published on the Johannesburg Stock Exchange during trading hours on Mon., Nov. 14, the top retailer announced that revenues climbed by 18.6 percent in the first quarter of the current fiscal year, owing to significant growth across the group’s operating sectors.
The group’s South African operations, represented by Shoprite, Usave, Checkers, Checkers Hyper, and LiquorShop, boosted revenues by 19.9 percent in the first quarter thanks to a strong mix of more customers, volume growth, and higher average basket spend.
Outside South Africa, Shoprite’s 10-country African supermarket operating sector, Supermarkets Non-RSA, increased sales by 18.8 percent in the first quarter, aided by local currency strength versus the South rand and in key regions where the firm operates. On a constant currency basis, the category also recorded an increase in sales.
Shoprite Holdings Limited is Africa’s largest retailer and South Africa’s leading food store. On the African continent, the corporation employs more than 142,000 workers across 2,989 locations.
Wiese, a South African billionaire who was key in Shoprite’s rise, owns 11.58 percent of the company, valued at more than $860 million.
In addition to his common stock, the tycoon owns 305.6 million non-convertible, non-participating, no-par value deferred shares, accounting for 32.2 percent of Shoprite’s voting rights.
