Shoprite bags 10.2% HEPS growth

Pieter Engelbrecht, the CEO of Shoprite, recently sat down for an interview with CNBC Africa's Zanele Morisson to discuss the company's performance in the face of challenges, particularly power outages. Despite these obstacles, Shoprite managed to achieve a remarkable 17.5% increase in sales. Engelbrecht attributed this success to strategic investments in core systems and digital offerings, which have enabled the company to gain uninterrupted market share for 46 months. The CEO also highlighted the impact of power outages on the entire value chain, from farmers to consumers, emphasizing the importance of a robust and resilient business model. Shoprite's focus on in-store pricing, brand strategies, and data-driven insights have further contributed to its strong financial results, with operating profit up by 16.7% and sales by 16.8%. The company's commitment to customer satisfaction, reflected in its 26 million loyalty program members, has driven increased consumer visits and brand loyalty. In addition to its financial success, Shoprite has also prioritized job creation, adding 3,881 new positions and opening nearly 400 new stores. The company's involvement in the YES program and support for SME development further demonstrate its dedication to fostering economic growth and stability. Through initiatives like CreditX, Shoprite has provided millions of dollars in support to suppliers and SMEs, contributing to a more inclusive and sustainable business ecosystem. Overall, Engelbrecht's strategic vision and Shoprite's focus on innovation, customer experience, and community impact have positioned the company for continued growth and success in a challenging retail landscape.