Grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years, News24 reports.
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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.
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In the statement, Shoprite said the results for the year do not reflect any of their operations in Nigeria as it will be classified as discontinued operation.
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International supermarkets (excluding Nigeria) contributed 11.6% to group sales, and reported 1.4% decline in sales from 2018.
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South African operations contributed 78% of overall sales and saw 8.7% rise for the year.
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As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.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 in 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%.