Shoprite Holdings - Integrated Report 2019
INTEGRATEDIntegratedR EAnnualPORT019Report2 2019
PurposeWe are pleased to presentthis 2019 IntegratedAnnual Report for ShopriteHoldings Limited and itssubsidiaries in its 40th year.Here we report on progress towards delivering on ourvision – to be Africa’s most affordable and accessibleretailer – and how we plan to continue to do so in future.This year’s report underlines our recognition that ourcapital, resources and relationships play an important rolein our success. These range from our strategies andinvestments, which help us provide accessible andaffordable food and other fast-moving consumer goods toour customers, wherever they are, through to our evolvingunderstanding of how to continually pursue shared valuethrough our business performance.For 40 years, the Group focused on lowering prices.In recent years, our focus has shifted from low prices toaffordability, as we provide a range of options to peoplewho may not be able to afford the lowest prices in themarket. We aim to make our customers’ money work ashard as they do.ValuesWe believe that our business model enables us to createsustainable, long-term value that balances the interestsof today’s stakeholders with the interests of futuregenerations.Doing the right thingSaving to shareDeveloping localWe want to be known as a company thatputs customers first through excellentservice. Our employees are empoweredto do whatever it takes to ensure that allcustomers leave our stores happy.We are committed to reducing waste.That’s one reason why we focus relentlesslyon keeping costs low, so that every randwe spend must fight for its life. We aim tobecome more efficient, including in ourresource use, by minimising harm to thenatural environment and maximising thevalue we offer to our customers. Wherewe have surplus food or resources, wedistribute them to people in need.We’re an African company that believes inAfrica’s potential. We invest in our peopleby developing their careers and promotingfrom within. In turn, they invest in us.Integrity is important to us. We treateveryone with respect. Each of us isaccountable for our actions and strivesto behave in an ethical way. We valuetrust and long-term relationships withour stakeholders.We #ActforChange beyond our own doors.Through job creation, affordable products,and hunger relief and other programmes,we work to support our communities.We create jobs, provide suppliers withaccess to markets and contribute taxesto develop local economies.Our size and effective supply chains createopportunities for local, smaller suppliers toaccess our markets. Through procurementand support, we help them grow and thrive.We embrace economic transformationthrough job creation, skills and careerdevelopment, local sourcing and socialupliftment.
Shoprite Holdings LtdIntegrated Annual Report 201924610141718202122283032Good governance and value creationGovernance philosophy Lead Independent Director’sstatementGovernance focus areas in 2019Being a responsible businessThe Group’s leadershipOverview of Board and Committeeactivities in 20193638Remuneration reportPart 1: Chairperson’s letterPart 2: Remuneration policyPart 3: Implementation687076Performance summaryOur Chief Financial Officer’s review79445354545658Shareholder informationShareholder analysis86Shareholders87 Notice to Shoprite Holdings88shareholders: AGMForm of proxyLoose insert64Good governanceand value creationCreatingsustainable valueAbout Shoprite HoldingsOur value creating highlights in 2019What sets us apart Chief Executive’s reportChairperson’s reportOur businessOur brandsKey financial informationDistribution of operationsOur strategic approachOperating environment Transforming our businessEngaging our stakeholdersCreating sustainable valueOur value creating business modelManaging our risks Material issues, risks andopportunitiesAbout ShopriteHoldingsAbout this reportAbout this reportContentsHow to navigate our reportThroughout our Integrated Annual Report, the following icons are used to provide linkages to relevant aspects, or indicate where furtherdetail is available.StakeholdersA truly customer-firstcultureCustomersSupply chain configurationand cost structureDevelop future-fit channelsShareholders andfinanciersRemuneration strategyand policyEnable precision retailingCommunitiesOur employeesTrusted, profitableprivate labelsTrade unionsSocioeconomic impactand contributionGrow share in premiumfood and freshEmployeesInformation andtechnologyA stronger franchise offerSuppliersLeadership transformationand employment equityPreserve ourAfrican advantageRegulatorsRegulatory environmentRefocus capital allocationReferencesUnlock alternative revenueSocial licence to operateThis digital version of the Integrated Annual Report, and theinformation c ontained herein, supersedes the printed version.ShareholderinformationQuality and safety(employees, workplaceand customers)UN SustainableDevelopment GoalsRemunerationreportStrategyTrade performance andgrowth opportunitiesPerformancesummaryMaterial issuesThis icon signifies relatedinformation elsewhere inthis report.This icon signifies relatedinformation available online at:www.shopriteholdings.co.za1
About this reportHow to read this reportAbout this reportThis 2019 Integrated Annual Report is aimed primarily at our shareholders,as the primary providers of the Group’s financial capital, and the local andinternational investment community.About ShopriteHoldingsThe report demonstrates our ongoingcommitment to improving transparencyand striving for the highest reportingand disclosure standards.List of acronymsCreatingsustainable valueAGMB-BBEEAnnual General MeetingGood governanceand value creationBroad-based black economicempowermentCEOChief Executive OfficerCFOChief Financial OfficerCOOChief Operating OfficerDRCDemocratic Republic of CongoDSTIDeferred short-term incentiveDTMCDomestic Treasury ManagementCompanyEBITDAEarnings before interest,income tax, depreciationand amortisationESGEnvironmental, social andgovernanceESPExecutive share planFMCGFast-moving consumer goodsGDPGross domestic productHRHuman resourcesIFRSInternational FinancialReporting Standards IR Integrated ReportingITInformation and technologyJSEJohannesburg Stock ExchangeLTILong-term incentiveROICReturn on invested capitalRSARepublic of South AfricaPwCPricewaterhouseCoopers Inc.SACCAWU South African Commercial,Catering and Allied WorkersUnionSAPSystems, Applications andProducts in Data ProcessingSARSSouth African Revenue ServiceSDGSustainable Development GoalSECSocial and Ethics CommitteeSENSStock Exchange News ServiceSMESmall and medium enterpriseSTIShort-term incentiveTGPTotal guaranteed payUNUnited NationsUSDUnited States dollarVATValue-added taxYESYouth Employment lderinformation2It strives to provide balanced insightsinto how the Group aims to create andsustain value for shareholders in theshort, medium and long term whilebalancing our responsibilities towardsour other stakeholders, recognising theinfluence our key stakeholders have onthe Group as a sustainable business.Forward-looking informationThis report contains forward-lookingstatements regarding the Group’sperformance and prospects, which, unlessotherwise indicated, reflect our bestjudgement and estimates at the time ofpublication. Various factors can causeoutcomes to differ from our forward-lookingstatements, so readers are cautioned not torely unduly on them. The Group does nottake responsibility for updating or revisingany forward-looking statements unlessrequired by legislation or regulation.Overview of the Group’sexternal reporting suiteFor a full understanding of the Group, theIntegrated Annual Report should be readalongside the following reports, whichcomprise the Group’s external reportingsuite:K Annual Financial Statements for 2019K Sustainability Report 2019K Carbon Disclosure Project reportsK Application of the King IV Code ofCorporate Governance PrinciplesAll of these reports areavailable on our website atwww.shopriteholdings.co.za.Basis of reportingThe Group has adopted the InternationalIntegrated Reporting Council’s InternationalIntegrated Reporting IR Framework asthe basis for reporting on a comparable andconsistent basis year-on-year how theGroup creates long-term value through thetransformation of six capitals applied withinthe Group’s business: financial, intellectual,human, manufactured, social andrelationship, and natural capital.All Group financial reporting complies withInternational Financial Reporting Standards,the South African Companies Act and theJSE Listings Requirements.The Board has disclosed the Group’sapplication of the King lV Report onCorporate Governance for South Africa,2016, in the 2019 financial period.For further information on thisIntegrated Annual Report, please contactSarita van Wyk on 27 (0)21 980 4269.Reporting scope and boundaryThe report covers the integratedperformance of the Group’s operations forthe period 2 July 2018 to 30 June 2019.The financial reporting boundary covers theresults of the Group’s subsidiaries of whichthe following are the direct subsidiaries:K Shoprite Checkers (Pty) LtdK Shoprite International LtdK Shoprite Investments LtdK Shoprite Insurance Company LtdK Shoprite DTMC (Pty) LtdThe report provides an overview of theGroup’s operating environment in thecurrent reporting period, its approach tovalue creation, and its strategic risks,opportunities and growth drivers. It alsocovers its stakeholder engagement activitiesand performance for the year.The report covers the Group’s four operatingsegments, namely Supermarkets RSA,Supermarkets Non-RSA, Furniture andOther operating segments. The ShopriteGroup operates primarily in South Africa andhas a presence in 14 other African countries.
Shoprite Holdings LtdIntegrated Annual Report 2019Our disclosure of material matters excludes information that could lead to the loss of ourcompetitive advantage or is considered price sensitive.Material issues for 2019Trade performance andgrowth opportunitiesInformation and technologySupply chain configurationand cost structureLeadership transformationand employment equityRemuneration strategyand policyRegulatory environmentOur employeesQuality and safety(employee, workplace andcustomer)Socioeconomic impactand contributionSocial licence to operateKey risks and opportunities relating to these material issues are disclosed in the report,together with the Group’s strategic focus areas as part of explaining the factorsthat substantially affect the Group’s ability to continue as a sustainable business(see Creating sustainable value on pages 44 to 52.)The Board of Directors of Shoprite Holdingsis responsible for the Integrated AnnualReport. The Board believes that thisIntegrated Annual Report complies with the IR Framework in all material respects.The Board further confirms that thisIntegrated Annual Report fairly representsthe Group’s performance for the periodunder review as well as the growth strategies,material issues, risks and opportunities, andprospects of the Group. The Audit and RiskCommittee has oversight responsibility forthe integrity of the Integrated Annual Reportand recommended it for approval. TheBoard has unanimously approved theIntegrated Annual Report for release toshareholders.Good governanceand value creationThe materiality test applied by the Board is based on internal and external matters, bothpositive and negative, that substantively affect the Group’s ability to deliver its strategyand that could have a material impact on revenue and profitability.Board/executive approvalRemunerationreportThe Group’s executive team, in consultation with management, has identified thematerial issues, positive and negative, that management believes are most likely tosubstantively affect the Group’s ability to execute its strategy to create sustainable value,including matters that could materially impact revenue and profitability. In determiningthese issues, the team considers internal and external factors, including the economicand trading environment, the Group’s strategy, and the needs, expectations andconcerns of our key stakeholders.PerformancesummaryWe have applied the principle of materiality in developing the Integrated Annual Report,with a focus on information that the directors believe is material to investors’understanding of the Group’s ability to create value in the short, medium and longer term.Christo WieseChairpersonShareholderinformationDetermining materialityThe Group’s external auditor[PricewaterhouseCoopers (PwC)] hasexpressed an unqualified audit opinion forthe reporting period and provided externalassurance services for the Annual FinancialStatements. Management has also reviewedthe accuracy of the financial informationextracted from the Annual FinancialStatements that appears in the IntegratedAnnual Report.About ShopriteHoldingsThe content of the Integrated Annual Reporthas been reviewed and approved by theBoard, with management verifying theprocesses and information applied todevelop the report. It has not beenexternally assured.Creatingsustainable valueThe Group applies a combined assurancemodel to support the integrity of informationcontained in the Group’s external reports,the effectiveness of which is subject toBoard oversight. For more information,refer to page 63.About this reportAssurancePieter EngelbrechtChief Executive Officer19 August 20193
About Shoprite HoldingsOur value creating highlights in 2019About this reportShareholdersand fundersAbout ShopriteHoldingsEmployeesCreatingsustainable valueCustomersGood governanceand value creationEnvironmentR150.4 billionR6.9 billionturnovertrading profit3 175jobs5 079created in thefinancial yearunemployedyouth trainedon lionin South AfricaR5 deli meals soldRecycled3 995tonsReused& recycled36 439 tons ofcardboard fromour storesRemunerationreportof plastic fromour ionAwardsR58.1millionR35.6millondonated insurplus foodspent on corporatesocial investmentprogrammesAsk AfrikaKasi StarBrandsK Kasi Star BrandK Food RetailerCategoryWinner4Sunday TimesTop BrandsK B est GroceryStore WinnerSunday Times/SowetanShopperSurveyK G rand PrixAwardK Best GroceryStore WinnerAsk AfrikaIcon BrandsK A chieved IconBrand StatusK Food RetailCategoryWinnerThe StarReader’sChoiceAwardsK B estGroceryRetailer
R4.3 billion4.6%headline earningstrading margin3 494 949e-learning kiosksacross 1 355 sitestraining hoursin 20199 679products126 netAbout ShopriteHoldings2 863Creatingsustainable valuenew storespriced lowerthan in 2018Generated2 637 MWhof carbon emissionssaved throughbackhaulingGood governanceand value creation1 101 tonsAbout this reportShoprite Holdings LtdIntegrated Annual Report 2019Remunerationreportof renewableelectricity forour stores2 366 smallsuppliersin taxes across15 countriesgiven access to marketPerformancesummaryR6.2 billioncontributedZululand Reader’sChoice AwardsK F urniture categoryWinnerK H ouse & HomeRichard’s Bay– Best Furniture StoreKasi AwardsShareholderinformationAsk Africa IconBrands AwardsK Best Pharmacy5
About Shoprite HoldingsWhat sets us apartAbout this reportAbout ShopriteHoldingsCreatingsustainable valueGood governanceand value creationThe Shoprite Group strives togenerate long-term sustainablegrowth for our equity investorsthrough our established foodretail business operations in15 economies on the Africancontinent. We are focused oncost-effective operationalperformance throughout ourlarge footprint of leadingtechnology-enabled retailoperations and distributionchannels, as described in thisreport. This, together with ourstrategic focus areas(outlined on pages 22 to 27),provide further context for theinvestment case.RemunerationreportPerformancesummaryOur unmatchedfood retail positioningacross 15 African countriesOur customer-firstapproach focusingon affordabilityWe operate 1 845 corporate-owned food and liquor retailstores, supported by considerable distribution infrastructureand an integrated enterprise-wide information andtechnology system, across 15 African countries – a profileunmatched by any other retailer on the continent. Inaddition, our OK Franchise brand extends across the wholefood retail convenience market with 460 stores.In recent years, ourapproach has evolved to putthe customer at the centreof all our thinking anddevelopment: our decisionsaim to save our customerstime and money, andincrease convenience forthem. We prioritiseaffordability across thebusiness, which for somesegments means a R5 delimeal and in others meansreaping the benefits of ourrapidly expanding privatelabels. We are alsoexpanding our digitalservices portfolio to respondeffectively to a greater rangeof customer needs.Over the past 30 years, the Group has built extensive brandtrust, recognition and goodwill in the countries where weoperate, as shown by our top ranking1 in Brand Africa’s2019 Top 100 brands survey. Our skills and execution areunrivaled and we are well positioned for when theeconomies in which we operate outside of South Africarebound. The medium- to long-term opportunity provided tous as the established food retail leader on the Africancontinent will be worth the current challenges, whichresulted in a loss in our Non-RSA division during 2019.Shareholderinformation16We ranked fourth overall and highest of all the African brands.Our corporate-ownedfood retail modeladdressing allmarket segmentsThe Shoprite Group includes four majorcorporate-owned and -operated food retailbrands: Shoprite, Usave, Checkers andCheckers Hyper, together with operationsserving the furniture, pharmacy and foodservices market. The Group generates themajority of its R150 billion turnover fromfood retailing, about 75% of which stemsfrom its core division, Supermarkets RSA.We operate in 14 other African countries andwe estimate our share of the food retailmarket in South Africa to be the largest of allthe major retailers. Beyond food retail, theShoprite Group operates substantialbusinesses in the categories of liquor,pharmacy, general merchandise, furnitureand the franchising of food and liquor.Across our brands, our diverse storeformats range from large hypers to smallerconvenience formats. Aside from ourfurniture division, which now generates12.7% of its sales on credit, the Group’sturnover is generated entirely through cashsales.
Our growingconvenience footprintwith our OKFranchise formatsWe believe in the significantopportunity that exists fromgrowing our share of themid-to-upper segment ofthe food retail market, wherehistorically we have beenunder-represented.This market segmentdemonstrates greaterresilience in South Africa’scurrent economic context.We have made great strideswith our Checkers brand inrecent years by improvingand extending ourconvenience ranges whilealigning our products withhealthy eating and cleanerliving. We are alsomodernising stores whereappropriate, upgrading toour new FreshX storeconcept.The OK Franchise Divisionincludes three different retailformats: OK Foods, OKMiniMark and OK Express,as well as a liquor outlet(OK Liquor) and a wholesaleoutlet (Megasave). It has awide geographic reach,serving both metropolitanand rural and remote areas.Its success stems from thepowerful combination ofcommunity-basedownership and the ShopriteGroup’s infrastructure andbuying power support. Inrecent years, its rebrandinghas ensured it presents asingle, consistent brand andthe franchise is performingwell.RemunerationreportOur Usave brand is a no-frills, harddiscounter, with a limited range of basiccommodities at stripped-to-the-boneprices. It serves a traditionally underservedmarket segment, taking food retailing rightinto the heart of communities. Usave storefixturing is minimal and product ranging islimited to basic necessities, with a strongfocus on our own private label ranges,offering customers unequalled value formoney. The most recent addition to theUsave store portfolio is a container storeformat branded Usave eKasi, whichtranslates to “my community”. The eKasistore uses five or six shipping containerscarrying roughly 1 000 products. Thisflexible format allows us to establish outletswhere bigger, formal stores would not beviable.Our growing share ofthe mid-to-upperfood segment inSouth AfricaPerformancesummaryThe Shoprite brandchampions low prices forthe people, providing almost70% of South Africa’spopulation with access tothe lowest prices on a widerange of commodities andgrocery items. Thebusiness’s unwavering40-year customercommitment to “lowerprices you can trust,always” remains at thecentre of everything we doand we monitor, on a dailybasis, our pricing relative topeers. At Shoprite we areconstantly focused onpractical solutions to savingour customers money,across all facets of ourbusiness.Our Usave format,committed tounderserved communitiesShareholderinformationOur low priceleadership withShopriteSupermarketsGood governanceand value creationCreatingsustainable valueAbout ShopriteHoldingsAbout this reportShoprite Holdings LtdIntegrated Annual Report 20197
About Shoprite HoldingsWhat sets us apart (continued)About this reportAbout ShopriteHoldingsCreatingsustainable valueOur leading positionin ancillary servicesRemunerationreportOur in-store money market kiosks offer arange of value-added services, including billpayments, cross-border money transfersand travel tickets, while our web-basedComputicket business sells nation-wideevent tickets both online and in-store. Wehave recently embarked on a newstandalone store format, K’nect, which sellscellular products and services as well asentry-level financial services products. Weare also building a new media businessusing the Group’s existing customer andstore assets as a platform, called RainmakerMedia Services. We will start selling our ownphysical (in-store collateral) and digital(mailers, website banners and preferentialin-app space) assets, combined withcustomer insights for fast-moving consumergoods (FMCG) suppliers and otheradvertisers.PerformancesummaryGood governanceand value creationOur services extend beyond bricks-andmortar supermarket retailing. We aremeeting different consumer needs, as wellas providing services to other businesses.These include our LiquorShop outlets,MediRite pharmacies (supported by ourpharmaceutical wholesaler Transpharm) andCheckers Food Services.Shareholderinformation8Our world-classcentralisedsupply chainThe Shoprite Group beganits centralised supply chainjourney about two decadesago and we haveconsistently raised the barin this area ever since. Ourprimarily corporate-ownedstore base, coupled withour company managedcentralised supply chainmodel, provides us with aclosed-loop supply chaineco-system, giving us thevisibility to manage andintegrate the end-to-endsupply chain right down toshelf level, and to derivebenefits beyond centralisedbuying, warehousing,distribution and logistics.Our information andtechnology (IT) capabilitiesallow us to prioritise andexecute tasks consistentlyusing context-specificanalytics across the supplychain. Through integratedplanning, procurement,logistics and sales, wecontinue to optimise ourbusiness efficiency at scale.Our IT capabilitiesThe Shoprite Group hasinvested considerably ininformation and technologyin recent years. Over thepast year, we implementedan enterprise-wide systemas a consistent, integratedproduct and transactionaldata platform for allsupermarket operations.This platform allows realtime line of sight to integrateplanning, supply chainmanagement, sales andsupporting activities,including international tradecompliance, across theentire supermarketbusiness.Our proudcommitment toemployment in AfricaThe Shoprite Group iswhole-heartedly committedto training, skillsdevelopment andemployment in Africa, as ourstaff complement of 147 268attests. We are proud to bethe largest employer, aftergovernment, in South Africa.Our commitment toemployment, as evidencedby our consistent growth inthis area each year, is instark contrast to escalatingSouth Africanunemployment, whichcurrently stands at 29%(Q2 2019). With youthunemployment in SouthAfrica at chronic levels, weare pleased to report thatmuch of our growth inemployment is focused onthis segment. About 69% ofour staff are between theages of 18 and 35. In 2019we created 3 175 new jobsand trained 5 079unemployed young peoplethrough our RetailReadiness Programme andour participation in theSouth African government’sYouth Employment Service(YES) initiative.
In rand terms, the dividend payment has declined this year,following the high base created in prior years, during whichour Non-RSA business generated significant profits undermore favourable economic conditions.3.52.53.02.62.01.51.00.51.11.21.41.71.9 4JUN2013JUN2012JUN20110JUN2010Dividends paid (Rbn)3.0We are committed to continuouslyimproving transparent and accountablegovernance. We govern compliance and riskin line with our commitment to increasetransparency and accountability as part ofgood corporate governance. We haveassessed our risk landscape and ourenterprise risk management framework isconfigured to achieve integrated risk andcompliance monitoring on a daily basisacross our operations.We acknowledge the importance ofenvironmental, social and governance (ESG)matters in our business, and ourcommitments are demonstrated byembedding them in our values. As thelargest retailer on the African continent, werecognise that we can make a significantand positive impact in the countries andcommunities in which we operate. Withinthis context, we have worked hard over thepast few years to create the internalsystems and capacity necessary to supportour long-term ESG ambitions. We continueto align our sustainability work with theUnited Nations’ Sustainable DevelopmentGoals, focusing primarily on fighting hunger,giving access to quality education, providingdecent work and promoting sustainableproduction and consumption. This gives usa social licence to operate and makesbusiness sense.9Good governanceand value creationThe focused execution ofour retail proposition, supplychain support and lean coststructure results in a leadingtrading margin. The Grouphas consistently reportedtrading margins above 5%in its Supermarkets RSAsegment, an enviable returnfor our region that comparesfavourably with internationalstandards. Followinganother year where we haveheld thousands of key linesin deflation, we achieved atrading margin of 5.3% inSupermarkets RSA –testament to our ability tokeep goods affordablewithout unsustainable pricecuts. At a Group level, afteraccounting for a difficultyear in our Non-RSAmarkets, our trading marginmeasured 4% in 2019 and,including the hyperinflationadjustment, a tradingmargin of 4.6%.RemunerationreportReliable and consistent returns for our shareholders remainsa focus area for the Group. Our policy is to return capital toshareholders as a dividend calculated at twice the value ofcover using headline earnings per share, however this year,we adjusted our headline earnings for the non-cashhyperinflation gain.Our commitment to addressingenvironmental, social andgovernance mattersPerformancesummaryOur consistently hightrading marginShareholderinformationOur commitment to returningcapital to shareholders as dividendsCreatingsustainable valueAbout ShopriteHoldingsAbout this reportShoprite Holdings LtdIntegrated Annual Report 2019
About Shoprite HoldingsChief Executive’s reportStrengthening the business through our transformation strategyAbout this reportAbout ShopriteHoldingsOur business is now 40 years old. Over the past four decades we havedeveloped a deep understanding of our customers and their needs whichhas provided excellent guidance for our current business digitalisation andinnovation processes. This year in particular has been transformational forthe Shoprite Group as we continued harnessing our expanded IT capabilitiesto further improve our processes. We are now able to apply significant dataanalytics capability to generate new customer insights and avail ourselves ofnew business opportunities.Creatingsustainable valueGood governanceand value creationBeing the largest retailer in Africa and SouthAfrica’s largest private-sector employer hassome distinct benefits. Our extensivefootprint provides a unique businessadvantage, allowing us to accessopportunities to benefit from the continent’sgrowing population and to further leveragethis advantage as we continue to transformthe business, building on the newtechnology backbone we have workedtowards implementing this year.RemunerationreportAlthough this year has tested our resilience,the fundamentals of our business remainstrong. We experienced difficult tradingconditions in our largest markets andunanticipated internal setbacks that causeddistribution bottlenecks. Our trading profitafter accounting for hyperinflation declinedto R6.9 billion, a drop of 14.3% on theprevious year. As a result, our dilutedheadline earnings per share contracted by19.6%. But, our sales performance in ourSouth African business recovered in thesecond half of this year, proving the fortitudeof our people, our brands and ouroperations. Our Non-RSA business enduredtough conditions and reported losses thisyear but in our view operated stores worthyof commendation.We have invested in our future by expandingour talented management team,implementing an enterprise-wide systemacross the business and improvinggovernance. We look ahead with confidencein our resources and plan to increase ourresilience and profitability in the long term.Operational performancePerformancesummaryIn 2019,Shoprite HoldingsturnsShareholderinformation4010This year, we invested heavily in our ITtransformation to power our future growthand improve our operational efficiency. Thepast 12 months can be summarised as atale of two halves: poor f
How to navigate our report Throughout our Integrated Annual Report, the following icons are used to provide linkages to relevant aspects, or indicate where further detail is available. This digital version of the Integrated Annual Report, and the information contained herein,
Shoprite Holdings (Ltd), the holding company of the retail group that includes well-known South African supermarket chains Shoprite and Checkers, started operations in 1979. Today, the Shoprite group has 1,068 corporate and 275 franchise stores in 16 African1 countries and India. In South Africa, th
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2 John plans a day at the park with his daughter John and his 7-year-old daughter, Emma, are spending the day together. In the morning, John uses his computer to look up the weather, read the news, and check a
