Shoprite\u2019s non-restated revenue growth has slowed from 16.9% in 2023 to 4.3% in 2025. However, there were big positives associated with this decline.<\/p>\n\n\n\n
Shoprite is South Africa\u2019s largest food retailer and owns well-known brands like Checkers, Usave, Shoprite, and Sixty60.<\/p>\n\n\n\n
On 2 September 2025, Shoprite released its results for the 52 weeks ended 29 June 2025, revealing another strong performance for the group.<\/p>\n\n\n\n
Sales increased by 8.9% to R252.7 billion, and revenue grew by 8.6% to R256.7 billion, driven by the group\u2019s core Supermarkets RSA segment.<\/p>\n\n\n\n
The Supermarkets RSA segment houses all of its major trading brands like Shoprite, Usave, Checkers, Checkers Hyper, and LiquorShop.<\/p>\n\n\n\n
This segment saw sales growth of 9.5%, contributing R213.50 billion to the total, while the Supermarkets Non-RSA segment grew sales by 6.4% to R20.57 billion.<\/p>\n\n\n\n
Sixty60\u2019s sales increased by 47.7%, equating to R18.9 billion this year. CEO Pieter Engelbrecht said the service also boasted 94.0% on-time deliveries and 96.8% order fulfilment.<\/p>\n\n\n\n
Overall, Shoprite\u2019s trading profit increased by 16.6% to R14.97 billion, resulting in a trading margin of 5.9%.<\/p>\n\n\n\n
The group\u2019s earnings before interest, income tax, depreciation and amortisation (EBITDA) increased by 18.8%, reaching R23.8 billion.<\/p>\n\n\n\n
Basic earnings per share from continuing operations grew by 17.9% to 1,362.5 cents per share.<\/p>\n\n\n\n
During the year, Shoprite opened 363 stores, expanding its continuing operations footprint to 3,478 stores.<\/p>\n\n\n\n
Investors liked what they saw, and the Shoprite share price increased by 12% since the financial results announcement.<\/p>\n\n\n\n
Analysts were also impressed, highlighting that Shoprite is the leading retailer on the continent, which continues to deliver outstanding results year in and year out.<\/p>\n\n\n\n
While Shoprite\u2019s financial performance was indeed impressive, one thing to keep an eye on is the company\u2019s non-restated revenue.<\/p>\n\n\n\n
In the latest announcement, Shoprite restated its revenue for 2024 from R246 billion to R236 billion due to many discontinued operations.<\/p>\n\n\n\n
The group reported that it would be closing its furniture stores in Angola and Mozambique, as well as selling most of its furniture business to Pepkor.<\/p>\n\n\n\n
Shoprite is also in the process of disposing of stores in Malawi, Ghana, Uganda, Nigeria, and Madagascar.<\/p>\n\n\n\n
All of Shoprite\u2019s discontinued operations will result in a R9.6 billion reduction in revenue from its books.<\/p>\n\n\n\n
Because of the discontinued operations, the revenue for 2024 is reduced by R9.6 billion to R236 billion.<\/p>\n\n\n\n
The actual reported revenue in 2024 was R246 billion. Therefore, total revenue increased by 4% from R246 billion to the current revenue of R257 billion.<\/p>\n\n\n\n
When considering the actual revenue growth, excluding any restatements, investors can analyse the actual revenue generation of Shoprite.<\/p>\n\n\n\n
From 2021 to 2024, Shoprite has experienced very strong total revenue growth, averaging a 12% increase in revenue per year.<\/p>\n\n\n\n
However, in its latest report, the group has seen its total (non-restated) revenue growth pull back significantly.<\/p>\n\n\n\n
When excluding the group\u2019s discontinued operations and only considering its total revenue growth, it only grew its revenue by 4.3% in 2025.<\/p>\n\n\n\n
However, there are positives associated with discontinuing some operations, even when total revenue growth slows. This is because it increased profitability.<\/p>\n\n\n\n
Discontinued operations are a way for a business to rid itself of the loss-making and inefficient parts of its operations.<\/p>\n\n\n\n
This certainly has been the case for Shoprite. In 2024, the retail group reported a net profit margin of 2.5%.<\/p>\n\n\n\n
Although its revenue growth has been subdued, the group reported a net profit margin of 3% for 2025, a significant improvement in its profitability.<\/p>\n\n\n\n Many people may wonder why the Shoprite Group reports restated revenue instead of the total revenue.<\/p>\n\n\n\n The company explained that financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).<\/p>\n\n\n\n Under IFRS 5, once a segment is classified as discontinued operations, prior period comparatives are restated to exclude that business line.<\/p>\n\n\n\n This ensures that the Shoprite Group\u2019s continuing operations are presented on a like-for-like basis. <\/p>\n\n\n\n The Group\u2019s Furniture segment, as well as its operations in Ghana and Malawi, were discontinued in the current year.<\/p>\n\n\n\n \u201cIf we were to rely on non-restated revenue growth, the year-on-year comparison would include revenue streams that are no longer part of our operating base,\u201d the company said.<\/p>\n\n\n\n Including revenue streams that are no longer part of our operating base would distort the growth trend of the continuing business in the current year.<\/p>\n\n\n\n \u201cBy focusing on restated revenue growth, the group provides a consistent and transparent view of the underlying performance of our core operations,\u201d it said.<\/p>\n\n\n\n The Shoprite Group said this is the appropriate metric for stakeholders to evaluate.<\/p>\n","protected":false},"excerpt":{"rendered":" Shoprite\u2019s non-restated revenue growth has slowed from 16.9% in 2023 to 4.3% in 2025. However, there were big positives associated with this decline.<\/p>\n","protected":false},"author":120,"featured_media":795498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[5223,7520,17414,20905],"class_list":["post-837911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-checkers","tag-shoprite","tag-sixty60","tag-usave"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/837911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=837911"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/837911\/revisions"}],"predecessor-version":[{"id":837912,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/837911\/revisions\/837912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/795498"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=837911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=837911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=837911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Financial year<\/strong><\/td> Non-restated revenue (R million)<\/strong> <\/td> Growth <\/strong> <\/td><\/tr> 2017 <\/td> R143,615 <\/td> — <\/td><\/tr> 2018 <\/td> R148,085 <\/td> 3.1% <\/td><\/tr> 2019 <\/td> R153,613 <\/td> 3.7% <\/td><\/tr> 2020 <\/td> R159,779 <\/td> 4.0% <\/td><\/tr> 2021 <\/td> R171,188 <\/td> 7.1% <\/td><\/tr> 2022 <\/td> R187,740 <\/td> 9.7% <\/td><\/tr> 2023 <\/td> R219,530 <\/td> 16.9% <\/td><\/tr> 2024 <\/td> R246,082 <\/td> 12.1% <\/td><\/tr> 2025 <\/td> R256,682 <\/td> 4.3% <\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n Shoprite explains its revenue reporting<\/h2>\n\n\n\n