Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 17, 2014 at 01:03PM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – Africa’s biggest food retailer, Shoprite, on Friday said turnover in the six months to December last year surged 10 percent to R51 billion ($4.7bn).

This performance shows that the JSE-listed firm’s strategy of aggressive growth on the African continent is paying good dividends.

The company operates about 1200 and 270 franchise outlets in 16 countries throughout Africa and the Indian Ocean Islands.

On Friday, the group said South African operations saw sales surge 7 percent during the period under review.

The firm’s non-South African supermarkets gained sales growth of 27.5 percent.

However, the group said the December trading period was hit by the R260 million loss it posted on the day of the burial of former South African President Nelson Mandela.

All South African stores were closed on December 15, when the iconic struggle hero was buried at his home town of Qunu in the Eastern Cape, South Africa.

Almost all top retailers in South Africa closed on the day of the burial as a mark of respect for the late Mandela.

It is believed that most of the retailers made huge losses on the day because the burial was on Sunday, usually a day South Africans prefer to shop.

Massmart lost over 200 million on the day.

 

 

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