Shoprite profits from low prices
Shoprite Holdings said its first-half profit growth accelerated as Africa's largest food retailer kept price increases below a soaring inflation rate, boosting sales to cash-strapped shoppers. Shoprite's internal food inflation was 2.2% in the period, compared with 5.2% a year earlier and national food inflation of 5.8% in December, the company said yesterday.Net income advanced 12% to R2.2-billion in the six months to the end of December, compared with a 9% increase a year earlier.Shoprite shares rose 2.6% to R148.50 at 1.18pm yesterday.Abroad, Shoprite is opening its 200th supermarket this month.The company gets 17.5% of its retail sales from markets on the continent other than South Africa, CEO Whitey Basson said.The retailer plans to open six Nigerian stores by December. ..
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