Choppies profit down 34%

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.