Full Year 2024 Shoprite Holdings Ltd Earnings Call Transcript
Key Points
- Shoprite Holdings Ltd (SRGHY) achieved a 12% revenue growth, significantly outperforming the market.
- The company opened 292 new stores and created 6,490 new jobs, demonstrating strong expansion and employment growth.
- Gross profit increased by 11.7% to ZAR58 billion, maintaining a competitive gross profit margin.
- The Xtra Savings program provided ZAR17 billion in instant savings to customers, enhancing customer loyalty and satisfaction.
- Sixty60, the on-demand grocery delivery service, saw a 58% increase in sales and created over 11,500 new job opportunities.
- High interest rates and currency devaluations in key markets like Zambia and Angola negatively impacted financial performance.
- The company faced a 17.5% increase in net finance costs, primarily due to elevated interest rates.
- Load shedding and infrastructure issues in South Africa continue to pose operational challenges.
- The furniture segment showed muted sales growth, leading to the decision to sell assets in this category.
- Employee benefits and other operating expenses increased by 13% and 10.2% respectively, impacting overall profitability.
Good morning, and welcome to the 2024 results presentation for the 52 weeks ended June 30, 2024. Special welcome to our shareholders, fund managers, the media, and also our employees that are joining on this link.
I want to use that opportunity before we go into more of the detail. I absolutely are indebted to the people of Shoprite. Team Shoprite has once again defied all odds to deliver an exceptional set of results, of which I am extremely proud and words is not enough to thank team Shoprite.
Our presentation will have the same format as usual, with the exception that from the overall helicopter view of what happened in the past year, I will continue updating you on where our medium term thinking, where our attention will be directed to.
And then finally, Anton will unpack the financial detail. And we did this order change because I know in end, you are very interested in what the numbers are and what they mean and how to interpret them, for the fund managers important to do your
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