- Shoprite's profit rose 4% to $348.4 million for the fiscal year ending June 30, 2024, despite economic challenges.
- Revenue increased 12% year-over-year, reaching $13.78 billion, driven by higher customer traffic and increased spending.
- CEO Pieter Engelbrecht announced plans to sell its furniture business and acquire the remaining stake in Pingo Delivery.
Shoprite Holdings, a leading retailer partly owned by South African billionaire Christo Wiese, has reported a notable financial performance for the fiscal year ending June 30, 2024. The company's profit surged to $348.4 million, up 4 percent from the previous years $335.5 million, despite facing substantial economic challenges.
For the 52 weeks ending June 30, 2024 , Shoprite's profit increased from R5.99 billion ($335.5 million) to R6.22 billion ($348.4 million). This growth was driven by a 4.5 percent rise in customer traffic and a 6.9 percent increase in average basket spending.
The group's revenue climbed 12 percent year-over-year, from R219.65 billion ($12.3 billion) in 2023 to R246.08 billion ($13.78 billion). This growth was fueled by a 4.5 percent increase in customer traffic and a 6.9 percent rise in average basket spending. The profit increase from R5.99 billion ($335.5 million) to R6.22 billion ($348.4 million) highlights Shoprite's resilience in a challenging economic environment.
CEO Highlights Key Structural ChangesCEO Pieter Engelbrecht attributed the positive results to the companys robust cost-management strategies and expansion into digital and delivery services, which have been well-received by customers.
Engelbrecht expressed pride in the company's achievements, stating, It is my privilege to present results that aptly reflect a year in which we remained focused on our business and what we stand for being best-priced, in-stock, solution-driven, and customer-led.
