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Drop in alcohol sales takes Shoprite shares down 10%

17 November 2020

Mergence Investment Managers’ analyst Lulama Qongqo said the group’s results tracked the performance of the country’s major retailers. “The sales growth numbers are tracking behind expectations due to their inability to trade liquor as per normal years where there were no government restrictions. However, this is temporary. The surprise here is that the liquor impact was material way beyond expectation,” Qongqo said..