SHOPRITE PROFITS UP 18.6 PERCENT ON DISCOUNTS

Shoprite Holdings reported on Monday firstquarter sales growth of 18.6percent as financially constrained consumers flocked to its budget chains for discounts. South Africans have been hit this year by rising mortgages and rents, higher fuel prices and soaring food inflation, leaving many with little to no cash to cover expenses. However Shoprite is faring better than competitors, with its focus on budget-conscious consumers, including more than 11 million South Africans on welfare and government Covid-19 grants.