South Africa’s grocery retailer giant Shoprite Holdings SHPJ.J has confirmed that it is exiting Uganda and Madagascar, adding to its growing list of African departures. Shoprite is said to have been reviewing its long-term options across the continent over the past year as currency devaluations, lower commodity prices and high inflation have hit household incomes and weighed on earnings. The retailer also forecast an up to 25.3% rise in annual basic headline earnings per share from continuing operations. The exit of Shoprite from Uganda will mark the end of 20 years of serving the Ugandan market, since the retailer opened its first…
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