JOHANNESBURG - Retailer Shoprite said its sale of merchandise increased by 0.2 percent to R75.8 billion during the 26 weeks ended December 30, while trading profit fell 19 percent to R3.3 billion.
Diluted headline earnings per share dropped 24.1 percent to 398.5 cents during what the company said was a tough period.
Shoprite said 2018 had been a "transformational" year for the group, adding that while the first half performance was below expectations it was not a reflection of the fundamental strength of the business.
“The decline in headline earnings per share for the six months ending December 2018 must be viewed in the context of various critical expansion and technology projects the group has embarked on in the past five years to ensure future growth and modernise our technology landscape,” CEO Pieter Engelbrecht said.
"The timing unfortunately coincided with the deterioration of the South African and non-South African economies and consumer expenditure levels over this same period."