Shoprite Holdings, southern Africa’s largest food retailer, grew merchandise sales from continuing operations by 7.2 per cent to R270.8 billion (US$16.8 billion) for its financial year ending June, while keeping its own price increases well below the national food inflation rate. “For the year, the Shoprite Group increased sale of merchandise from continuing operations,” CEO Pieter Engelbrecht said in the results announcement. “ The group’s internal selling price inflation averaged 0.8 per cent in its core Supermarkets South Africa segment. Statistics South Africa recorded official food and non-alcoholic beverage inflation of 3.9 per cent over the same period – a gap of more than three percentage points that the company attributes to a deliberate pricing strategy rather than to falling costs. “Our selling price inflation reflects the group’s continued commitment to lowest prices and affordability, as does the R18.3 billion in Xtra Savings rewards returned to our customers at till point during this year,” he added. Diluted headline earnings per share from continuing operations rose 12.2 per cent, outpacing sales growth, while trading profit grew 8.4 per cent to R16.2 billion. Shoprite operates supermarket chains across South Africa and into Angola, Botswana, Eswatini, Ghana, Lesotho, Malawi, Mozambique, Namibia and Zambia, trading under the Shoprite, Checkers, Usave and OK Furniture banners among others. It employs more than 160,000 people and is one of the continent’s largest private-sector employers. Its Sixty60 grocery delivery service now accounts for 11.1 per cent of Supermarkets South Africa sales, operating from 997 stores after adding 303 locations during the year. The condensed consolidated financial statements were reviewed by Ernst & Young Inc, which expressed an unmodified review conclusion. business@gleanerjm.com