The discount chain with stores in 11 African countries raised its final dividend to 3.67 rand per share, up from 3.53 rand, although one fund manager said it was still lower than investors had been looking for.
Shoprite's basic HEPS, the main profit measure in South Africa, from continuing operations rose 10.3% to 1,055 cents. The company maintained its gross profit margin at 24.5% but its trading margin fell slightly to 6% from 6.1%. Lower income shoppers flocked to Shoprite's discount store chains for everything from groceries to household supplies, enticed by promotions as inflation drives up basic food prices.
Sales by the group, with more than 2,900 stores across Africa, grew 9.9% to 184.1 billion rand, while its core South African supermarkets business increased sales by 10.1%.
Good bonuses for employees and better salaries Shoprite_SA