Shoprite sees better South African trade with gains

Bloomberg

Shoprite Holdings Ltd’s second-half sales climbed as it gained market share, even as the main lower-income customers of Africa’s largest food retailer battle with the impact of an economic slowdown.
Sales in its core South African business rose 9.4% in the last three months of the fiscal year through June, the Cape Town-based supermarket operator said. Still, the grocer spent $19 million on Covid-19 related costs.
South Africa’s initial strict lockdown to help contain
the coronavirus pandemic boosted Shoprite’s sales as grocers were among the few shops allowed to trade. The retailer had “significant growth” in mid-to-upper end shoppers. More shoppers have also been buying online. Its Checkers Sixty60 digital application, which was launched in a test phase in November, was expanded to 87 stores across South Africa by June.