Shoprite Holdings sees earnings rising as much as 14.7% as sales at the e-commerce unit of Africa’s largest supermarket chain jumped.
The South African company expects headline earnings per share from continuing operations to rise for the 52 weeks June 28, the company said in a regulatory filing on Wednesday.
Revenue at its Sixty60 on-demand digital commerce operation jumped 35% to R25.5 billion ($1.6 billion) for the year.
Shoprite’s Sixty60 business is helping the firm take on competition from companies including Walmart, which has renewed its efforts to entrench itself in South Africa.
The African chain’s Checkers and Checkers Hyper — frequented by wealthier shoppers — grew 10%, more than double the 4.3% growth of the the company’s Shoprite and Usave brands, according to the statement.
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