Shoprite Holdings, Africa’s largest retailer and partially controlled by South African billionaire Christo Wiese, reported a record-breaking $13.14 billion in product sales for fiscal year ended June 30, 2024.
This milestone reflects a significant 12 percent rise over the previous year, demonstrating Shoprite’s excellent performance and market supremacy in the face of adverse economic conditions.
According to the group’s operational update, South African supermarkets performed well, resulting in a 12% increase in total product sales to R240.8 billion ($13.14 billion).
The unit’s revenues increased by 12.3 percent to R173.6 billion ($9.48 billion), bolstered by the merger of Massmart Holdings shops. The outlets acquired from Massmart Holdings helped to boost revenues by 10.1 percent in the second half of the fiscal year.
Sales outside South Africa increased by 6.1 percent, accounting for 8.6 percent of the group’s total sales. This expansion is reflected in the company’s broader store network, which now includes 266 locations in nine countries.
Shoprite’s expansion strategy has involved the addition of a net 292 locations, bringing the total to 3,639 stores across various forms. This includes Shoprite, Usave, Checkers, LiquorShop, and newer formats like Petshop Science and Checkers Outdoor.
Checkers and Checkers Hyper formats saw a 12.3 percent gain in sales, driven by a 58.1 percent increase in online Checkers Sixty60 purchases. Other segments also performed well, with LiquorShop sales up 20% and OK Franchise growing to 608 locations, a 23.8 percent rise.
Shoprite Holdings has approximately 3,600 stores and employs over 150,000 people throughout Africa. Christo Wiese, who has an 11.5% share in the shop, remains an important factor in the company’s growth.
Christo Wiese, one of Africa’s richest individuals, with a net worth of $1.3 billion. His influence drives Shoprite’s growth through strategic initiatives and operational improvements.
The company’s performance at the conclusion of the fiscal year 2024 illustrates its durability and adaptability, setting it for future success. Shoprite remains committed to increasing shareholder value through strategic expansion and operational efficiency.
