News: South African Supermarket Chain Giant, Shoprite Misses Half-Year Forecasts on Hyperinflation Accounting

shoprite

Leading South African supermarket chain, Shoprite Holdings SHPJ.J has reportedly missed half-year earnings forecasts on Tuesday, February 25, 2020 hit by hyperinflation accounting in Angola.

According to a report on nasdaq.com by Nqobile Dludla, Shoprite, which owns more than 2,800 outlets spread across the African continent, said diluted headline earnings per share (HEPS) for the 26-weeks ended Dec.29 fell by 2.6% to 372.4 cents from 382.4cents in the comparable period.

Analysts polled by Refinitiv had seen HEPS rising to 463 cents. HEPS is the most widely watched profit gauge in South Africa, which strips out certain one-off items.

Source: nasdaq.com

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