JSE retailers extend losses after slow sales

Comment on this story
Truworths1 INDEPENDENT MEDIA A Truworths store. Picture: Mxolisis Madela.

Johannesburg - South African retailers extend their recent slide after their latest sales numbers failed to meet lofty investor expectations for some of Johannesburg's most expensive stocks.

Shoprite, the discount grocer that also has operations in Zambia and Nigeria, is down 3.4 percent at 146.64 rand, becoming the biggest single drag on the benchmark Top-40 index.

One of the 10 most expensive stocks on the Top-40 with a price-to-earnings ratio of around 23, Shoprite said on Friday first-half sales were up 9.6 percent, disappointing investors who were expecting bigger growth.

The news sent its shares down 4.5 percent on the day.

Clothing retailer Truworths falls 3 percent to 73.69 rand, adding to a 2.5 percent decline on Friday, after reporting 7 percent growth in first-half sales. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines