Shoprite reports 3.1 percent decline in sales in Ghana, other African markets, here’s why

Shoprite, a retail giant in Africa has announced a 3.1% decline in sales in all its Africa operations including Ghana except for South Africa.

South African regulator wants Shoprite fined for reckless lending

According to the firm, the performance on currency devaluations in the African markets it operates contributed to the decline.

Shoprite said this in its half-year financial performance ending December 2019.

“We have continued to experience ongoing currency devaluations and volatility in key markets in which we trade,” it said.

Adding that “During the reporting period, the Angolan kwanza, Zambian kwacha, Nigerian naira and Ghana cedi depreciated 40.4%, 20.8% 18.2% and 12.9%, respectively against the US dollar when compared to the previous year.”

The group's total sales increased by 7% to approximately R81.2 billion, driven by growth in its South African supermarkets, up 9.8% for the period to R61.7 billion.

Other operating segments – which include businesses OK Franchises, Computicket, MediRite Pharmacies, Transpharm and Checkers Food Services, however, grew sales by 4.4% to R5.4 billion.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]