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South Africa's Shoprite warns of lower annual earnings

JOHANNESBURG, July 30 (Reuters) - Africa's biggest supermarket chain Shoprite Holdings on Tuesday warned that full-year earnings are set to fall as much as 20% as forex shortages, local currency weakness and profitability outside its home market weigh on profit.

Basic headline earnings per share (HEPS) is expected to be between 774.2 cents and 832.5 cents per share, a drop of 14.3% to 20.3%, compared with the restated figure of 971.4 cents during the same period a year ago.

HEPS is the main profit measure used in South Africa that strips out certain one-off items.

Group turnover is expected to increase by 3.6% for the full year to 150.3 billion rand ($10.61 billion).

The results for the period are expected to be released on, or around, Aug. 20.

($1 = 14.1635 rand) (Reporting by Tanisha Heiberg, editing by Louise Heavens)

2019-07-30 08:47:35

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