South African retailer, Shoprite International Limited Africa’s biggest grocery retaile says it 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.
This was disclosed in the company’s operational and voluntary trading update that was published this morning.
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%.