Shoprite earnings up 35%

8 February, 2007 at 10:52 am | Posted in Companies | Leave a comment

First-half earnings at Shoprite Holdings, the grocery chain that has agreed to be bought by a group led by Brait, rose as much as 35 percent after the company exited an unprofitable business, it said yesterday.

Earnings a share rose at least 25 percent in the six months to December, the Cape Town-based company said. Excluding one-time gains and losses brought earnings a share 35 percent higher. The Brait group agreed to buy Shoprite for R14.2 billion to gain control of a company that has almost doubled sales in the past seven years and is expanding in Angola, Nigeria and India. Started in 1979, Shoprite has about 850 stores. The share fell 1.6 percent to R26.58 on the JSE. The company is due to report first-half earnings on February 20. – Bloomberg

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