REGIONAL retailer Choppies says its Rest of Africa segment sales increased by 7,7 percent to BWP 1 974 million during the year ended June 30, 2023 driven by the addition of nine new stores, inflationary increases in Zimbabwe and Zambia and volume growth in Namibia and Zambia.
The group said the increase was offset by a very weak Zimbabwean Dollar resulting in Zimbabwe’s Pula sales declining by 48,3 percent.
Choppies said Zimbabwean consumers are increasingly looking for more affordable and convenient shopping options.
“We are closely monitoring the exchange rate as it will impact both Zimbabwe’s and the group’s profitability and net asset value,” Choppies said in its financials.