Chronic shortage of foreign currency impacting Shoprite in Angola
Annual sales growth for Shoprite, Africa's biggest supermarket chain, has slowed in Angola.
Africa's largest supermarket chain, Shoprite, said this week that annual turnover increased by 3.3 percent, as problems stemming from currency devaluation and a chronic shortage of foreign currency in Angola weighed on group performance.
Shoprite said in its operational update that excluding the impact of the Angolan hyperinflation accounting adjustment, group turnover increased 3.6 percent, with total turnover growing to about R145.6 billion ($10.90 billion) in the 12 months to June 2018.
The retailer said:
“Despite the demanding trading environment, exasperated by the sharp decline in internal inflation, the group remains positive about its operational strength, customer support for its brands and is making progress on its strategic priorities.”
Pictured: Shoprite CFO Anton de Bruyn