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.
sashaplanting As usual, analysts ignoring the informal sector.
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