Shoprite say, they are ending operations in Nigeria after 15 years - Nigeria News, Africa News, World News - Nollywood Times

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Monday, August 3, 2020

Shoprite say, they are ending operations in Nigeria after 15 years

Shoprite say, they are ending operations in Nigeria after 15 years

South Africa's grocery retailer giant, Shoprite, is leaving Nigeria, Africa's most populated country, after 15 years.

According to a report by News24, The grocery retail group has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.

The disclosed this in a trading statement for the 52 weeks to end June released Monday.

Shoprite in the statement, 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%.

More details to follow.....

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