Shoprite (SRGHY|OTC MARKETS), South Africa’s largest food retailer, and in fact Africa’s largest food retailer, has beaten estimates and sales are rising:
“Sales gained 12 percent on a 52-week basis, driven by a 29 percent increase outside South Africa. The rise elsewhere on the continent was achieved despite weaker local currencies relative to the U.S. dollar and the negative effect of depressed commodity prices, while growth in West African countries has been stifled by a lower oil price and a shortage of foreign currency.”
“Shoprite opened 22 new supermarkets outside South Africa during the year, mostly in Angola, Zambia and Nigeria. Sales growth was led by Angola, where the company said it’s not restricted by a severe shortage of foreign exchange in the country and is able to restock its 29 supermarkets on an ‘almost continuous basis.'”
This is one of those South African stocks that could prove to be a great play on the rest of Africa.
Find out where we’re going with these Africa investment ideas and concepts by signing up for our free newsletter! Sign up in the box to the right, and as a gift for doing so, get our FREE report: “How to Profit From Africa’s Growth Without Leaving Home”. So what are you waiting for? Do it right now!
“Africa’s Biggest Food Retailer Beats Estimates as Sales Rise”: http://www.bloomberg.com/news/articles/2016-08-23/shoprite-full-year-profit-beats-estimates-on-africa-sales-growth