South African food retailer Shoprite’s profit up 12%

Bloomberg

Shoprite Holdings Ltd. full-year earnings rose 12 percent, in line with analyst estimates, as Africa’s largest food retailer boosted market share in its home market of South Africa and continued to expand elsewhere in the continent.
Headline earnings per share, which exclude one-time items, were 10.07 rand a share in the 12 months through June, the Cape Town-based company said.
The board declared a full-year dividend of 5.04 rand a share, an increase of 12 percent. Shoprite expects “positive sales momentum to continue,” the retailer said, after revenue rose 8.4 percent.
“We believe there is room for further growth as we continue to improve efficiencies and profitability both in South Africa and beyond the country’s borders,” Chief Executive Officer Pieter Engelbrecht said. While the South African economy is in a recession, “the group remained resilient with growth in sales and market share.”
The earnings are the first to be reported by Shoprite since fellow retailer Steinhoff International Holdings NV agreed to buy a 22.7 percent stake as part of the planned listing of its African assets including clothing chain Pep.