Shoprite Holdings, Africa’s largest grocery chain, run by South African businessman Pieter Engelbrecht, posted an impressive financial performance in the first half of the fiscal year 2024. Engelbrecht’s effective leadership led to a significant increase in half-year sales to R121.1 billion ($6.37 billion).
Since taking over in January 2017, Engelbrecht has built on Whitey Basson’s legacy. Shoprite has regularly outperformed the market under Engelbrecht’s leadership, having achieved financial success for the fifth year running.
The group’s recently reported unaudited statistics showed a 13.9% growth in item sales, bringing half-year revenues to a record of R121.1 billion ($6.37 billion). South African supermarkets saw a 14.6 percent increase in item sales, totaling R97.5 billion ($5.13 billion).
Engelbrecht made a statement about the results, saying, “The Shoprite Group’s results for the six-month period under review reflect the business’s incredible dedication to our customers whose support of our operations, both in-store and online via our digital Checkers Sixty60 app has resulted in us extending our period of uninterrupted market share gains in our core South African supermarket business to 58 months.”
Engelbrecht highlighted the 14.6-percent growth in sales, stating, “The 14.6-percent increase in sales from our core business segment equates to R12.4 billion ($652.5 million) in additional customer spend with us over the same period last year.” Despite reporting against an extraordinarily high base of sales growth of 17.5% for the same period last year, the 14.6-percent increase in sales for this interim period compares magnificently to the rest-of-market growth in South Africa of 7.6 percent, according to NielsenIQ.”
Engelbrecht applauded Checkers Sixty60, the online shopping app, for its impressive 63.1 percent sales growth. He underlined the importance of digital innovation in satisfying customers’ needs. He also praised Checkers and Checkers Hyper’s 13.7 percent revenue increase, citing a clear value offer, retail enhancements, and advances in fresh, private label, and on-demand services.
The CEO emphasized Shoprite’s commitment to investing in strategic areas such as technology, digitalization, supply chain efficiency, and retail expansion. During this reporting period, the business opened 197 new stores, bringing the total to 3,543. They also added 2,617 new employment in six months.
He also acknowledged Shoprite’s 161,000 employees, 29 million South African customers, suppliers, and small and medium-sized enterprises. He applauded Shoprite’s devotion to its mission and the positive influence it has on people’s lives.
Aside from his executive and governance duties, Pieter Engelbrecht owns a small 0.14 percent ownership in the leading retailer, totaling 838,604 shares and valued at more over $10 million.
