Africa’s retailers are learning that making money tends to be two steps forward, one step back. A month after Walmart-owned Massmart issued a profit warning, Shoprite announced its first drop in first-half earnings in a decade. edwardcropley
Shoprite on Feb. 26 reported its first decline in half-year earnings in more than 10 years. Africa’s largest supermarket group blamed a currency devaluation in Angola, its third-biggest market, and supply constraints in South Africa.
The group, which owns more than 2,800 outlets across the continent, said diluted headline earnings per share, the main gauge of post-tax profit in South Africa, declined to 389.5 cents from 525.6 cents in the corresponding period of 2017. Analysts polled by Refinitiv had forecast a fall to 419 cents.
Shoprite shares, which fell as much as 16 percent after a Jan. 29 profit warning, rose 3.8 percent to 168 rand by 0930 GMT on Feb. 26.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cuaron wins three Oscars for 'Roma' but 'Green Book' is best filmDiversity, though, was the biggest winner when a black filmmaker won his first competitive Oscar, a superhero blockbuster set in Africa scored big, and two black actors and an Egyptian first-generation American won three of the four acting prizes.
Read more »
In Tight-Knit Dorchester Neighborhood, Neighbors Try To Halt Sober HouseA debate in one Boston neighborhood mirrors a national issue: Advocates say “sober houses” for people in recovery are important resources in the opioid crisis, but neighbors may worry when they multiply in one location.
Read more »
Consumer Trends Signal Trouble For Retailers When They Are Least Prepared For ItDeclining American consumer confidence, particularly among affluent consumers who contribute most to the retail economy, could signal a retail slowdown in 2019, and a Deloitte study finds retailers are in a weak position to absorb a decline. It's the makings of a perfect retail storm.
Read more »
Consumer Trends Signal Trouble For Retailers When They Are Least Prepared For ItDeclining American consumer confidence, particularly among affluent consumers who contribute most to the retail economy, could signal a retail slowdown in 2019, and a Deloitte study finds retailers are in a weak position to absorb a decline. It's the makings of a perfect retail storm.
Read more »
Maybe Some Good News From RetailersEarnings expectations are low after disappointing holiday sales, but some retailers could eke out a win.
Read more »
Advanced Technology Key to These Retailers’ Success, SurvivalWhile retail is far from a dying industry, there’s no doubt that the digital revolution is changing it dramatically.
Read more »