South Africa

Shoprite shoots lights out

28 October 2014 - 02:00 By Reuters
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A GOOD BUSINESS: A well-stocked Shoprite store in the Sanlam Building in Nelspruit, Mpumalanga, is open for shoppers to buy a wide variety of food
A GOOD BUSINESS: A well-stocked Shoprite store in the Sanlam Building in Nelspruit, Mpumalanga, is open for shoppers to buy a wide variety of food
Image: ANDREW HLONGWANE

Shoprite's share price jumped over 7% yesterday, making its biggest daily gain since 2008.

Its revenue for the three months to the end of September rose by 12.3% from the previous year, with its core South African supermarket business seeing a similar increase.

That performance far outstrips the local industry average of around 2% year-on-year growth in July and August, according to data from Stats SA.

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