Choppies profit down 34%

Choppies superstore house at Ngilichi House PIC: KEOAGILE BONANG
Choppies superstore house at Ngilichi House PIC: KEOAGILE BONANG

Retail giant Choppies Enterprises Ltd has blamed a dip in profitability on economic headwinds that affected consumer spending key amongst them high inflationary environment.

In its half year results for the six months ended 31 December 2022, the Botswana Stock Exchange-listed retailer said profits dropped by 34% to P83 million from P114 million that was recorded in corresponding period last year.

Directors attributed the loss to the demanding economic environment characterised by stubbornly high inflation, higher interest rates and unemployment, all of which the group said continue to constrain consumer spending and their ability to digest higher prices.

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