Grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years, News24 reports.
The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.
In the statement, Shoprite said the results for the year do not reflect any of their operations is Nigeria as it will be classified as discontinued operation.
International supermarkets (excluding Nigeria) contributed 11.6% to group sales, and reported 1.4% decline in sales from 2018.
South African operations contributed 78% of overall sales and saw 8.7% rise for the year.
As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.
By Gift Adene
Disclaimer: Comments And Opinions On Any Part Of This Website Are Opinions Of The Blog Commenters Or Anonymous Persons And They Do Not Represent The Opinion Of Charmingpro.co.uk Posts and Images on this Website are for Entertainment and Educational Purposes Only. Pictures and culled stories posted on this site may be given credit and if a story is yours but credited to the wrong source, Please contact us and corrections will be made. If Photos are not given credit due to an oversight, it is not a mental intent to willfully infringe any copyright. Kindly Contact us on thecharmingmag@gmail.com to give full credit or take it down if you wish.