Local retail giant, Choppies have expanded their footprint by opening 33 new stores, hence raising the total number to 235, according to the Group's financial result for the six months ended December 31, 2017.
This includes the Mozambique and Namibian stores where Choppies just joined their respective markets.
Commenting on the results, Choppies Managing Director Ramachandran Ottapathu said that the opening of the stores was in line with a strategies adopted by their Board, noting that though the performance has improved in other regions, they are yet to achieve profitability.
“The opening of new stores and distribution centres in other regions is in accordance with strategies adopted by the Board. In six months’ period, three stores were added in Zambia,” he said.
Last year, Choppies continued to grow their presence in neighbouring South Africa with the acquisition of eight Arizona Wholesales and Butcheries in November , consequently raising the number of stores to in South Africa to 88. In Botswana Choppies have 85 stores, Zimbabwe 11, Zambia 15, Kenya 11, Tanzania 2, and one each in Namibia and Mozambique.
Ottapathu last year mentioned that the group’s capital
Further, the group recorded P19 million increases in their profit before tax, recording P92.8 million compared to P73.2 million in the previous year.
“Botswana contributed 40% to the Group’s revenue. Despite the subdued economic environment in the country, we maintained our market share and continued to improve our efficiencies,” he said.
He said that the improvement in South Africa’s North West province resulted in revenue growth of 43%, noting that the growth brought profitability to their operations in that region. In addition he noted that the Zimbabwe operations continue to perform better in spite of depressed economic conditions.