Shoprite Holdings (BUY, TP ZAR 205/share) H1 17A results indicates 24b...

As per the company’s January trading update SHP group revenue grew by 14.0% y/y, decelerating from H2 16A (20.1% y/y) driven by i) a strong performance from Non-RSA supermarkets (17% of revenue) growing at >50% in constant currencies and ii) best-in class SA LfL growth of 7.4% y/y. Gross margin expanded by c.20bps y/y to 23.4% vs ACe: 20.8%. The difference is driven by a restatement in the prior year by the company due to retrospective changes in accounting policies related to the treatment of...