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JSE retailers extend losses after slow sales

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.

A Truworths store. Picture: Mxolisis Madela. Credit: INDEPENDENT MEDIA

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

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