August 22, 2017 / 5:52 AM / 4 months ago

South Africa's Shoprite lifts FY profit by 12 pct

JOHANNESBURG, Aug 22 (Reuters) - Shoprite, Africa’s biggest grocer, largely met estimates with a 12 percent rise in annual profit on Tuesday, as consumers battling recession and job losses turned to its non-frills outlets.

Diluted headline earnings per share (EPS) totalled 1,007 cents in the year ended June, Shoprite said, not far from a 1,002 cents estimate in a poll of 11 analysts by Thomson Reuters’ I/B/E/S.

Headline EPS, the most widely watched profit gauge in South Africa, strips out certain one-off items.

Sales rose 8.4 percent to 141 billion rand ($10.72 billion). ($1 = 13.1491 rand) (Reporting by Tiisetso Motsoeneng; Editing by Biju Dwarakanath)

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