South African billionaire Christo Wiese’s Shoprite posts $13.1 billion in merchandise sales

Feyisayo Ajayi -

Key Point

  • Shoprite Holdings reports a record $13.14 billion in merchandise sales for FY 2024, marking a 12% increase year-over-year.
  • South African supermarkets drove a 12.3% sales increase, bolstered by the integration of Massmart Holdings stores.
  • Shoprite expanded to 3,639 stores across Africa, including new formats like Petshop Science, and boosted online orders significantly.

Shoprite Holdings, Africa’s largest retailer and partly owned by South African billionaire Christo Wiese, has announced a record-breaking $13.14 billion in merchandise sales for the fiscal year ending June 30, 2024.

This milestone represents a robust 12 percent increase from the previous year, underscoring Shoprite’s strong performance and market dominance despite challenging economic conditions.

Sales surge across all divisions

A strong performance from South African supermarkets drove a 12 percent increase in total merchandise sales to R240.8 billion ($13.14 billion) for the group, according to its operational update.

The unit’s sales climbed 12.3 percent to R173.6 billion ($9.48 billion), boosted by the integration of stores acquired from Massmart Holdings. The stores acquired from Massmart Holdings contributed to a 10.1 percent sales increase in the second half of the fiscal year.

Sales outside South Africa grew by 6.1 percent, contributing 8.6 percent to the group’s total sales. This expansion is reflected in the company’s broader store network, now totaling 266 stores across nine countries.

Expansion and strategic initiatives drive growth

Shoprite’s expansion strategy has included adding a net 292 stores, bringing the total to 3,639 stores under various formats. This includes Shoprite, Usave, Checkers, LiquorShop, and new formats such as Petshop Science and Checkers Outdoor.

The Checkers and Checkers Hyper formats led the sales growth with a 12.3 percent increase, bolstered by a 58.1 percent rise in online Checkers Sixty60 orders. Other segments also showed positive performance, with LiquorShop sales up 20 percent and OK Franchise expanding to 608 stores with a 23.8 percent increase.

Commitment to growth and operational efficiency

Shoprite Holdings operates over 3,600 stores and employs more than 150,000 people across Africa. Christo Wiese, who holds an 11.5 percent stake in the retailer, remains a pivotal figure in the company’s growth trajectory. 

With a net worth of $1.3 billion, making him one of Africa’s richest individuals, Christo Wiese’s influence continues to support Shoprite’s commitment to growth through strategic initiatives and operational efficiencies.

The company’s performance at the end of its 2024 fiscal year reflects its resilience and adaptability, positioning it for continued success in the future. Shoprite remains committed to enhancing shareholder value through strategic growth and operational efficiencies.