If Shoprite CEO Pieter Engelbrecht thought he’d get the market’s backing for what he calls an “exceptional” set of year-end results, he was badly wrong.
While the retailer has topped record metrics within its business, Shoprite stock crashed almost 10% on the release of its numbers last week. Since then, its shares have scraped back most of the losses, but show few signs of bounding ahead...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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Did the market get it wrong on Shoprite?Shoprite’s year-end results showed record performances in more than a few divisions, yet its shares were punished. Fans reckon it’s a buy.
Source: FinancialMail - 🏆 20. / 63 Read more »