When the going gets tough, the tough get drinking. Or so it would seem in South Africa in 2019. While the unemployment rate reached 29%, the highest since the global financial crisis, South Africa’s retailers are reporting decent growth – in their liquor stores in particular., updated the market on Tuesday on expected earnings for the year to June 2019. Its core South African supermarket business, with 1,610 outlets, reported turnover growth of 7.
Pick n Pay, where CEO Richard Brasher is finally getting all the wheels of the trolley to pull in one direction, reported turnover growth of 7.1% for the year to March 2019, with like-for-like turnover growth of 4.8%. The Group’s liquor division, which numbers 241 stores, delivered double-digit turnover growth, driven by an increased focus on the wine and gin categories. The Pick n Pay wine club now boasts more than 100,000 members.
Pick n Pay for instance grew revenue by 2.2% to R4.7-billion across its 148 Africa stores, but saw profits decline 16.2% year-on-year to R241-million. Shoprite notes that despite the acceleration in its local supermarket business in the second half of the year, increases in the cost of employment from new legislation, rent and electricity exceeded the year’s overall top-line growth given the impact of a disastrous first half.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
sashaplanting As usual, analysts ignoring the informal sector.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Asset Bubbles to Zombie Companies: The Dark Side of Rate CutsWarren Buffett’s warning that you only learn who’s swimming naked when the tide goes out is hardly heard these days as waves of easy monetary policy wash over the world’s financial markets
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: LSE shares hit record high as investors cheer $27 bln Refinitiv bidLondon Stock Exchange Group Plc shares rose more than 15% to a record high on Monday as investors cheered its $27 billion bid to buy financial data firm Refinitiv Holdings Ltd, in a deal that could transform the exchange operator into a global market infrastructure and data giant.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Why Donald Trump Can’t Steer the Global Car MarketTurns out that overturning the Obama administration’s fuel-economy rules isn’t as easy as it seems.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: SA economy could be the winner if online gambling is legalisedOnly 40 casinos are legally licensed to operate in South Africa – the traditional kind, the brick and mortar type. All other casinos are considered outlaws – whether online and otherwise. But the black market doesn’t play by the rules. And its gamble is paying off, handsomely. DURITZ79 I struggle to see how taking more from the public is going to be a good thing, that said, a night at the casino can be fun
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: The heavens have opened, but Western Cape agriculture still needs more rainWhile memories of Day Zero warnings in late 2017 and early 2018 might be fading in Cape Town residents’ minds, the effects of the severe water shortages are still felt in some farming communities — and agricultural production has not fully recovered from the damage of the 2017 drought.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Naspers rides the education waveThe online learning market has limitless potential with some research suggesting it could reach $325-billion by 2025. Tech giant Naspers is determined to tap into the boom.
Source: dailymaverick - 🏆 3. / 84 Read more »