Africa’s Largest Grocer Expands Food Business, Improves Margins

Africa’s largest supermarket chain accelerated the expansion of its food business in its domestic market and broadened its specialist offerings in clothing, baby, outdoor and pet products, as it focused on improving gross margins year-on-year.

Shoprite Holdings Ltd.’s 24.3% gross margin beat the median estimate despite offering deeper discounts in the year through June than in 2024, the Cape Town-based retailer reported on Tuesday. Its shares rose as much as 6%, the most in five months.