Shoprite fell short of expectations with a 12.1% rise in full-year sales, reflecting a slowdown in consumer spending that sent its shares sharply down on the JSE yesterday.
The company, the biggest retailer on the continent, said sales came in at R92.7-billion in the year to the end of June, below the R95-billion estimated in a poll of 10 analysts.
"The growing pressure on consumers' disposable income reflects in the slowdown in sales in the South African supermarket division," it said.
After more than two years as investors' favourites, retailers in Africa's biggest economy are quickly losing their lustre as debt-fuelled consumer spending stalls.
Shoprite shares closed nearly 5% weaker on R182.
Its shares are down about 10% so far this year.
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