SOUTH African retailer Shoprite has unveiled a 16% increase in headline per share earnings for the half year to the end of December and said its African and Middle East expansion plans were on track. Headline earnings per share rose to 26.1 cents, despite the constraints of higher fuel costs as well as depressed retail spending as consumers diverted money to a lottery craze gripping the country. The national lottery is estimated to be soaking up R50m every week in disposable income. – Reuters
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