Choppies full-year HEPS down 7.5%
JSE-listed Supermarket chain Choppies reported a headline earnings per share growth of 4.8 per cent, even as revenue grew 6.45 per cent, despite a tough trading environment. The group opened 16 new stores and were aided by price growth of 6.8 per cent. Joining CNBC Africa for more is Ramachandran Ottapathu, CEO, Choppies.
Thu, 21 Sep 2023 16:10:02 GMT
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AI Generated Summary
- The impact of hyperinflation in Zimbabwe on Choppies' financial results and the importance of stable trading atmospheres in other markets
- Choppies' focus on opening new stores and reducing negative equity to strengthen its position for future growth
- The company's strategic acquisitions, future expansion plans, and commitment to growth and stability in current operating countries
JSE-listed Supermarket chain Choppies has reported a headline earnings per share growth of 4.8 per cent, showing resilience in a tough trading environment. Despite challenges, the group managed to open 16 new stores and achieve a price growth of 6.8 per cent, contributing to a 6.45 per cent increase in revenue. The CEO, Ramachandran Ottapathu, spoke with CNBC Africa to discuss the operating environment and the strategies employed to navigate through the difficulties. Ottapathu highlighted the impact of hyperinflation in Zimbabwe on the company's results, stating that stable trading atmospheres in Zambia, Namibia, and Botswana helped offset some of the challenges faced in other markets. The CEO also discussed the company's plans for future expansion and emphasized the opportunities in Zambia and Namibia, as well as the stability in Botswana. Choppies aims to open 17-18 new stores in the coming year, focusing on strengthening its position and executing strategic acquisitions to enhance profitability. The CEO addressed recent speculations about potential mergers or consolidation in the sector, expressing the company's commitment to growth and stability in its current operating countries. Choppies remains optimistic about its future outlook and is determined to leverage its strengths to overcome market challenges and drive sustainable growth.
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