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South Africa's Shoprite posts 8 percent Q1 sales rise
October 30, 2017 / 8:09 AM / 2 months ago

South Africa's Shoprite posts 8 percent Q1 sales rise

JOHANNESBURG, Oct 30 (Reuters) - Africa’s largest grocer Shoprite grew South African sales 8.1 percent in the three months to end-September as it kept price increases low amid weak economic growth, the company said on Monday.

Shoprite, which has stores in 15 African countries, said it slashed the prices of staples such as maize meal and potatoes, reducing the company’s internal inflation to 0.9 percent across all products, compared with 7.2 percent a year ago.

“Stripping out the effect of inflation, the real sales growth surpassed the prior year’s growth in the same quarter,” the company said in a statement. (Reporting by TJ Strydom; Editing by Ed Stoddard)

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