August 20, 2019 / 7:22 AM / a month ago

Annual earnings at South Africa's Shoprite miss estimates

JOHANNESBURG, Aug 20 (Reuters) - South Africa’s supermarket chain Shoprite Holdings reported lower-than-expected full-year earnings on Tuesday as inventory shortages at home and currency devaluations in the rest of Africa weighed on profit.

Basic headline earnings per share (HEPS) for the year ended June 30 fell 19.6% to 780.8 cents, compared with a restated figure of 971.4 cents a year earlier.

That was worse that the 15.5% fall forecast by analysts, IBES data from Refinitiv showed.

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

Reporting by Nqobile Dludla; editing by Jason Neely

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