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Shoprite grows annual earnings on panic buying

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Shoprite Holdings reported a 2.5 per cent rise in full-year earnings on Tuesday, helped by panic buying just before coronavirus lockdown and as shoppers turned to its discount unit.

According to Reuters, diluted headline earnings per share from continuing operations rose to 765.8 cents in the year ended June 28 compared with a restated figure of 746.9 cents a year earlier.

In a letter said to have been addressed to the Kenyan Union of Commercial Food and Allied Workers, Shoprite said it will close its City Mall store in Nyali, Mombasa area of the country.The company linked its decision to close the store to redundancy, adding that trading would stop before the end of August.

The company said it was evaluating all of its operations across Africa “based on current and future performance”.

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