Markets/South Africa/News

South Africa news

25 August 2016
Following Shoprite’s full year results statement, South Africa-based Massmart and Woolworths have announced half year and full year results respectively. Woolworths’ FY growth driven by food… Despite highlighting the challenging market backdrop in both South Africa and Australia, Woolworths said group sales rose 16.4% to ZAR72.1 bn (US$5.1 bn). In its home market Woolworths said its perform...
23 August 2016
South Africa-based Shoprite said that turnover rose 14.4% in its full year, reaching ZAR130.0 bn (US$9.6 bn), boosted by an additional week and the performance of its operations outside its home market. Operations outside South Africa deliver ‘ best performance ever ’ The company said that its operations outside its home market performed particularly strongly, with sales up by 32.6%, which ...
18 August 2016
We review Walmart’s second quarter results and the factors behind its improved performance.  Walmart’s total revenue increased by 0.5% to $120.9bn in the second quarter, with net sales at its US stores and Sam’s Club (ex-fuel) increasing by 3.1% and 0.4% respectively. International sales were down 6.6%, impacted by foreign currency (up 2.2% on a constant currency basis). Consolidated net incom...
16 August 2016
As Zimbabwe-based Meikles published its unaudited 2015/16 results and Massmart releases an interim trading statement and Kenya-based Uchumi looks to franchising and smaller stores to boost its performance as it receives a cash injection from the government, we round up news from the region. Massmart provides positive outlook in Interim Trading Statement South Africa-based Massmart has publi...
11 August 2016
Diversified South African retail group Steinhoff International has raised its offer for Poundland, reportedly after pressure from a US hedge fund to pay more to secure the UK-based variety discounter. Steinhoff to pay an extra £13m for Poundland The new offer, which Steinhoff describes as final, is worth £610.4m, includes 2p-a-share dividend and follows moves by activist US investment group...
05 August 2016
As Botswana-based Sefalana positive results and confirms its short term strategic initiatives, OK Zimbabwe verifies its challenging 2015/16 financial year and South Africa-based Woolworths prepares to launch its food offer in Australia, we round up news from the region. Woolworths (SA) builds foundations for food offer in Australia South Africa-based Woolworths appears to be forming its in...
04 August 2016
Walmart is in talks to acquire Jet.com, a US-based online retailer, according to media reports. A disruptor to the disruptors Jet.com has established strong brand recognition in the US following a year of trading. Initially the business was established as a subscription model, with members paying a $50 annual fee, which was expected to be its main source of profitability. In return the re...
20 July 2016
As retailers from South Africa and Zimbabwe announce results and sales updates, we round up their performance. Woolworths (South Africa) sees group FY sales rise 17.1% Announcing preliminary full year results, Woolworths (South Africa) has said group sales rose 17.1% to ZAR61.97 bn (US$4.3 bn), while they rose by 12.3% excluding the benefit from its acquisition of Australia-based David Jone...
19 July 2016
As Shoprite expands in Nigeria and South Africa-based Bakery Corner does the same in its home market and retailers in South Africa launch new collectable campaigns, we round up news from the region. South African retailers launch collectables campaigns Following on from Pick n Pay’s successful Stikeez collectables campaign, both it and rival Shoprite have launched similar promotions as a wa...
13 July 2016
Poundland has reached an agreement with South African group Steinhoff International to accept a cash offer of £597m. This move fits perfectly with Steinhoff's strategy as it aims to become a leading value and discount retailer within the markets that it serves. Who is Steinhoff? Steinhoff is an international group that manufactures, sources and retails furniture, household goods and g...