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South Africa

Shoprite to cease Nigerian operation

The proudly South African giant retailer has announced in the Operational and Voluntary trading update that IT will be stoping all operations in Nigerian. Despite the alcohol and cigarettes ban, Shoprite has seen an increase in sales by 6.4% to approximately R156.9 billion, however, the operation in Nigerian after the retail store has had meetings with potential investors and after the evaluation of the Group’s operation in Nigeria, have initiated a formal process to ‘consider’ the discontinued operation of the Retail Supermarkets Nigeria Limited.

‘Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time. ‘

Nigeria Operation has seen a decline in sales for the past 12 months and this is the reason, the giant supermarket may consider ceasing all Shoprite stores in Nigeria.

‘Given the aforementioned comment regarding the pending classification of Nigeria as a discontinued operation, Supermarkets Non-RSA (excluding Nigeria) contributing 11.6% to Group sales, recorded a decline in sales of 1.4% for the year. ‘

‘due to the potential classification of our Nigerian business as a discontinued operation, we present continuing operations excluding Nigeria as an alternative.’

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