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THIS ISSUE: 13 November 2025

Trading updates from Shoprite and Woolies | Tiger Brands grooms its stripes

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Results and trading updates abound in this week’s Trade Tatler, with Shoprite voluntarily letting us know that they’re still going great guns and Woolies making a good showing too. In our Manufacturers’ section, we take a look at two contrasting strategies for growth – one that is all about trimming the fat (Tiger Brands), while the other focuses on the next big opportunity (Premier Group). We close off with a very interesting piece from our in-house economist, who explains the changes made to Stats SA’s quarterly employment report, and what that means for the numbers. Enjoy the read.

See Trade Tatler archives

+8%

Shoprite Group turnover growth over Q1 of FY2026

5.5

stores per week opened by Shoprite Group from Jul – Sep

+7.7%

Woolworths Food turnover growth over 19 weeks

83%

of Premier Group revenue from Millbake division

31.9%

the official unemployment rate for Q3 2025

YOUR NUMBERS THIS WEEK

RETAILERS AND WHOLESALERS

Shoprite

Full colours

Like a kid who just can’t wait to show mom and dad their termly report, Shoprite has released a voluntary operational update for the first quarter of its 2026 financial year… and why not, given the numbers.

    • Turnover: +8%, thanks to a strong performance in the core SA supermarket business and continued expansion
    • Store footprint: 79 stores opened in SA and 7 closed, for a net of 72 new stores (put another way, that’s 5.5 stores per week!). Looking at the numbers by format, 38 supermarkets opened (Checkers, Shoprite, Usave), 22 LiquorShops and 19 ‘adjacent’ stores (i.e. Petshop Science, UNIQ Clothing by Checkers, Checkers Outdoor and Little Me). Beyond our borders, one Shoprite and two LiquorShops were opened
    • Selling price inflation: Averaged at +1.4% (versus a national food inflation rate of 5.1% for the period), with inflation even lower at Shoprite (0%) and Usave (-0.4%) during September
    • Among the ‘Other Operating Segments’ (i.e. MediRite, OK franchise division, and pharma distributor Transpharm), MediRite stood out at +12.3%
Source: Business Day 10/11/25

Ti Perspective: Well done to The Big Red One, which, had it written this year’s National Senior Certificate Maths paper 1, would no doubt have strutted out of that exam hall with its head held high… like the boss that it is.

Woolworths

A solid foundation

And following hot on Shoprite’s heels comes Woolworths, also sharing a trading update with us, this time for the 19 weeks to 9 November. Are they good? You betcha… and what’s particularly noteworthy is that food and fashion are coming out fairly even, not because food is falling, but because fashion is finally improving. Taking a closer look:

    • Group turnover and concession sales grew above inflation at +6.2%
    • Woolworths SA saw +7.4% sales growth, with Food at +7.7% and Dash +24.2%, and online contributing 7.3% to SA Food sales
    • Good news from the Fashion, Beauty and Home (FBH) business, which, thanks to value chain improvements, grew turnover ahead of the market at +6.2%
    • Beauty (+9.6%) and Home (+13.8%) were the star players within the division, and online contributed 6% to FBH as a whole
    • Down Under in Aus and NZ, trading conditions are reportedly improving, with all brands trading better than last year, and the Country Road Group overall achieving +3.3% in sales
Source: Tatler Reporter 12/11/25

Ti Perspective: At Woolies’ full-year presentation in September, CEO Roy Bagattini had the following to say: “While the overall financial outcomes of the past year fell short […], it was also a year in which we completed much of the heavy lifting in laying the groundwork for years to come.” The numbers are starting to show it – let’s hope that profit follows this improved sales trajectory. 

In Brief

Cheers!

One of the independent retailers we feature in our Liquor Retailing Report – and if you have access to it, the latest update is now available – is an exclusive little business called Norman Goodfellows or NGF. With just nine stores between Jozi, CT and Durbs, Norman Goodfellows positions itself as “the liquor experts”, offering exclusive and premium products that you wouldn’t find at more mainstream retailers, as well as supplying commercial customers like restaurants, hotels, and corporate clients. News from the Competition Commission is that it has approved the acquisition of NGF by a new South African investment company known as Fine Wine, which is owned by a Mauritian holding company. Does this mean African expansion is on the cards? We’ll have to wait and see. Next, good news for fans of Amazon along the East Coast, who can now enjoy same-day delivery in Durban and its surrounds. To celebrate, Amazon has partnered with rugby stars Siya Kolisi, Makazole Mapimpi, Siya Masuku, Vincent Tshituka and Lukhanyo Am, in a campaign to demonstrate the speed, precision, and teamwork of rugby and how it aligns with Amazon’s delivery excellence. Seems everyone in retail wants the Boks on their side. And lastly, here’s a little more info about Petshop Science’s private label pet food that we mentioned a couple of weeks ago. The new range has been developed in consultation with vets and animal nutritionists and contains no artificial colourants, flavourings or added sugar, is rich in vitamins and includes fibre, prebiotics and probiotics for gut health. The packaging is also 100% recyclable – “a win for pets, people, and the planet,” as Trevor Paxton, GM for Petshop Science explains.

source: Tatler Reporter 12/11/25

MANUFACTURERS AND SERVICE PROVIDERS

Tiger Brands

Parting is such sweet sorrow

Over the past year or so, Tiger Brands has really put the trim into trimming its portfolio, cutting away various parts of the business to support its turnaround strategy. The latest ‘victim’, if that’s the word, is Chococam, with Tiger Brands agreeing to sell its almost 75% stake to an Africa-focused investment firm. Tiger Brands bought into Cameroon’s leading chocolate and confectionery producer some 17 years ago at a time when the plan was to expand into Africa. But now with Tiger’s realignment toward domestic operations and higher-margin segments, keeping Chococam no longer makes sense. Here’s a quick recap of the company’s other recent divestments:

Sept 2024: Select home and personal care brands sold off, including BioClassic, BioCrystal, Kair, Black Silk, Fiesta and Eulactol

Nov 2024: Baby wellbeing division sold, with brands such as Elizabeth Anne’s, Phipps and Telament

Jan 2025: Sold its 24.4% stake in food producer, Empresas Carozzi, back to its Chilean parent company, Carozzi. Tiger Brands bought the stake in 1999 to expand its presence in Latin America

Oct 2025: Langeberg & Ashton Foods, its canned fruit and vegetable processing business, was sold to a consortium of local fruit farmers

Currently pending approval: The sale of its entire Randfontein site, which includes its maize and wheat mill (producing brands like Ace and Golden Cloud flour)

Source: Business Day 10/11/25, Tatler Reporter 12/11/25

Ti Perspective: Go big or go home, as they say. Divesting non-core and non-profitable parts of the business should enable Tiger to focus on strengthening the core. However, equally important is revitalising brand relevance across the rest of the portfolio, to resonate with a new generation of shoppers.

Premier Group

Shopping spree

Some half-year results from Premier Group, the lot that brings us Blue Ribbon, Snowflake, Iwisa, Manhattan’s sweets and, perhaps very soon, Rhodes tinned foods and Bull Brand. Its ‘Millbake’ division, which makes up 83% of its revenue, was the main driver of growth in the six months to end September, thanks to strong volumes and improvements in operational efficiencies. The ‘Groceries and International’ division, meanwhile, grew revenue +8.1%, while operating profit for the Group was up +17% to R1.1bn. The company was also pleased to announce that after three years of waiting, commissioning of phase 1 of its Aeroton mega-bakery project is on track for mid-Nov 2025, with phase 2 on the cards in Feb 2026. Located in Joburg, Aeroton will replace three smaller bakeries and is expected to improve product consistency and cost efficiency in the inland region. According to reports, assuming the RFG deal is wrapped up, Premier may even do some more shopping. “We are continuously looking around to see what options are available… But there is nothing specific in the pipeline that I can tell you is the next deal,” said Group CFO Fritz Grobbelaar.

Source: BusinessLive 11/10/25, Tatler Reporter 12/11/25

Ti Perspective: While one business cuts back (see Tiger above), another puts out its feelers. Interesting times.

TRADE ENVIRONMENT

Labour Stats

The numbers, with extras on the side
By Ti Economist, Carey Leighton

Stats SA’s Q3 Quarterly Labour Force Survey (QLFS) is out, and this latest report includes changes to the methodologies and standards used to adopt the recent best-practice resolutions from the International Conference of Labour Statisticians (ICLS). The numbers now give us new insights into the data. 

So, what’s new?

    • Previously, the working age population (15+) was segmented into the ‘Labour Force’ and those who were ‘Not Economically Active’. Now, ‘Labour Force’ stays the same (i.e. employed plus unemployed individuals), but the other segment is called ‘Outside the Labour Force’
    • ‘Outside the Labour Force’ is further segmented into the ‘Potential Labour Force’ and ‘Others’  
      • ‘Potential Labour Force’ (4.5 million) refers to those who are ‘available, but not seeking’ (i.e. 3.5 million discouraged workers + 1 million that have another reason for not searching) and ‘not available, but seeking’ (83,000 people, which we assume would be those who have to give notice at their current jobs or who are finishing up their studies)
      • ‘Others’ are those who ‘want employment but are not available or seeking’ (i.e students, homemakers, illness/disability), as well as those who ‘do not want employment’
    • Changes have also been made to the definition of formal/informal employment – the size of the establishment is no longer the main criterion, but access to pension or annual leave/paid sick leave is now

In light of the above, here’s what the numbers say:

    • Q3 vs Q2: +248,000 more people were employed, for a total of 17.1 million
    • Official unemployment rate improved to 31.9% (Q2: 33.2%)
    • Adding in the potential labour force, the combined rate of unemployment is 42.4% (Q2: 43.0%)
    • Despite changes to the definitions, 70% of employment comes from the formal1 sector, 23% from the informal sector and 6.5% from households
Source: Stats SA 12/11/25
Note: 1. Agriculture is now included in formal/informal. Previously the <1 million jobs were reported separately | Stats SA definitions: ‘Employed’ persons are those aged 15 to 64 years who, during the reference week, did any work for at least one hour, or had a job or business but were not at work (i.e. were temporarily absent) | Employees: are workers employed for pay, on a formal or informal basis, who do not hold controlling ownership of the economic unit in which they are employed. They are remunerated in cash or in kind in return for time worked, or, in some cases, for each task or piece of work done or for services provided, including sales (by the piece or commission). Stats SA 12/11/25

Ti Perspective: The adoption of the new ICLS resolutions is essential for international comparability and has been adopted to ‘theoretically’ provide a more detailed and accurate view of the South African labour market. Some argue that our unemployment figure is inflated by these strict definitions, and does not take into account the vast number of South Africans who hustle to make a living while not considering themselves ‘employed’ because they don’t take home a paycheck. Not to say that there is no problem, however, especially when it comes to the youth.

See all

THE WEEKLY GURU

“Statistics are no substitute for judgment.”
Henry Clay

RETAILERS AND WHOLESALERS

Shoprite

Full colours

Like a kid who just can’t wait to show mom and dad their termly report, Shoprite has released a voluntary operational update for the first quarter of its 2026 financial year… and why not, given the numbers.

    • Turnover: +8%, thanks to a strong performance in the core SA supermarket business and continued expansion
    • Store footprint: 79 stores opened in SA and 7 closed, for a net of 72 new stores (put another way, that’s 5.5 stores per week!). Looking at the numbers by format, 38 supermarkets opened (Checkers, Shoprite, Usave), 22 LiquorShops and 19 ‘adjacent’ stores (i.e. Petshop Science, UNIQ Clothing by Checkers, Checkers Outdoor and Little Me). Beyond our borders, one Shoprite and two LiquorShops were opened
    • Selling price inflation: Averaged at +1.4% (versus a national food inflation rate of 5.1% for the period), with inflation even lower at Shoprite (0%) and Usave (-0.4%) during September
    • Among the ‘Other Operating Segments’ (i.e. MediRite, OK franchise division, and pharma distributor Transpharm), MediRite stood out at +12.3%
Source: Business Day 10/11/25

Ti Perspective: Well done to The Big Red One, which, had it written this year’s National Senior Certificate Maths paper 1, would no doubt have strutted out of that exam hall with its head held high… like the boss that it is.

Woolworths

A solid foundation

And following hot on Shoprite’s heels comes Woolworths, also sharing a trading update with us, this time for the 19 weeks to 9 November. Are they good? You betcha… and what’s particularly noteworthy is that food and fashion are coming out fairly even, not because food is falling, but because fashion is finally improving. Taking a closer look:

    • Group turnover and concession sales grew above inflation at +6.2%
    • Woolworths SA saw +7.4% sales growth, with Food at +7.7% and Dash +24.2%, and online contributing 7.3% to SA Food sales
    • Good news from the Fashion, Beauty and Home (FBH) business, which, thanks to value chain improvements, grew turnover ahead of the market at +6.2%
    • Beauty (+9.6%) and Home (+13.8%) were the star players within the division, and online contributed 6% to FBH as a whole
    • Down Under in Aus and NZ, trading conditions are reportedly improving, with all brands trading better than last year, and the Country Road Group overall achieving +3.3% in sales
Source: Tatler Reporter 12/11/25

Ti Perspective: At Woolies’ full-year presentation in September, CEO Roy Bagattini had the following to say: “While the overall financial outcomes of the past year fell short […], it was also a year in which we completed much of the heavy lifting in laying the groundwork for years to come.” The numbers are starting to show it – let’s hope that profit follows this improved sales trajectory. 

In Brief

Cheers!

One of the independent retailers we feature in our Liquor Retailing Report – and if you have access to it, the latest update is now available – is an exclusive little business called Norman Goodfellows or NGF. With just nine stores between Jozi, CT and Durbs, Norman Goodfellows positions itself as “the liquor experts”, offering exclusive and premium products that you wouldn’t find at more mainstream retailers, as well as supplying commercial customers like restaurants, hotels, and corporate clients. News from the Competition Commission is that it has approved the acquisition of NGF by a new South African investment company known as Fine Wine, which is owned by a Mauritian holding company. Does this mean African expansion is on the cards? We’ll have to wait and see. Next, good news for fans of Amazon along the East Coast, who can now enjoy same-day delivery in Durban and its surrounds. To celebrate, Amazon has partnered with rugby stars Siya Kolisi, Makazole Mapimpi, Siya Masuku, Vincent Tshituka and Lukhanyo Am, in a campaign to demonstrate the speed, precision, and teamwork of rugby and how it aligns with Amazon’s delivery excellence. Seems everyone in retail wants the Boks on their side. And lastly, here’s a little more info about Petshop Science’s private label pet food that we mentioned a couple of weeks ago. The new range has been developed in consultation with vets and animal nutritionists and contains no artificial colourants, flavourings or added sugar, is rich in vitamins and includes fibre, prebiotics and probiotics for gut health. The packaging is also 100% recyclable – “a win for pets, people, and the planet,” as Trevor Paxton, GM for Petshop Science explains.

source: Tatler Reporter 12/11/25

MANUFACTURERS AND SERVICE PROVIDERS

Tiger Brands

Parting is such sweet sorrow

Over the past year or so, Tiger Brands has really put the trim into trimming its portfolio, cutting away various parts of the business to support its turnaround strategy. The latest ‘victim’, if that’s the word, is Chococam, with Tiger Brands agreeing to sell its almost 75% stake to an Africa-focused investment firm. Tiger Brands bought into Cameroon’s leading chocolate and confectionery producer some 17 years ago at a time when the plan was to expand into Africa. But now with Tiger’s realignment toward domestic operations and higher-margin segments, keeping Chococam no longer makes sense. Here’s a quick recap of the company’s other recent divestments:

Sept 2024: Select home and personal care brands sold off, including BioClassic, BioCrystal, Kair, Black Silk, Fiesta and Eulactol

Nov 2024: Baby wellbeing division sold, with brands such as Elizabeth Anne’s, Phipps and Telament

Jan 2025: Sold its 24.4% stake in food producer, Empresas Carozzi, back to its Chilean parent company, Carozzi. Tiger Brands bought the stake in 1999 to expand its presence in Latin America

Oct 2025: Langeberg & Ashton Foods, its canned fruit and vegetable processing business, was sold to a consortium of local fruit farmers

Currently pending approval: The sale of its entire Randfontein site, which includes its maize and wheat mill (producing brands like Ace and Golden Cloud flour)

Source: Business Day 10/11/25, Tatler Reporter 12/11/25

Ti Perspective: Go big or go home, as they say. Divesting non-core and non-profitable parts of the business should enable Tiger to focus on strengthening the core. However, equally important is revitalising brand relevance across the rest of the portfolio, to resonate with a new generation of shoppers.

Premier Group

Shopping spree

Some half-year results from Premier Group, the lot that brings us Blue Ribbon, Snowflake, Iwisa, Manhattan’s sweets and, perhaps very soon, Rhodes tinned foods and Bull Brand. Its ‘Millbake’ division, which makes up 83% of its revenue, was the main driver of growth in the six months to end September, thanks to strong volumes and improvements in operational efficiencies. The ‘Groceries and International’ division, meanwhile, grew revenue +8.1%, while operating profit for the Group was up +17% to R1.1bn. The company was also pleased to announce that after three years of waiting, commissioning of phase 1 of its Aeroton mega-bakery project is on track for mid-Nov 2025, with phase 2 on the cards in Feb 2026. Located in Joburg, Aeroton will replace three smaller bakeries and is expected to improve product consistency and cost efficiency in the inland region. According to reports, assuming the RFG deal is wrapped up, Premier may even do some more shopping. “We are continuously looking around to see what options are available… But there is nothing specific in the pipeline that I can tell you is the next deal,” said Group CFO Fritz Grobbelaar.

Source: BusinessLive 11/10/25, Tatler Reporter 12/11/25

Ti Perspective: While one business cuts back (see Tiger above), another puts out its feelers. Interesting times.

TRADE ENVIRONMENT

Labour Stats

The numbers, with extras on the side
By Ti Economist, Carey Leighton

Stats SA’s Q3 Quarterly Labour Force Survey (QLFS) is out, and this latest report includes changes to the methodologies and standards used to adopt the recent best-practice resolutions from the International Conference of Labour Statisticians (ICLS). The numbers now give us new insights into the data. 

So, what’s new?

    • Previously, the working age population (15+) was segmented into the ‘Labour Force’ and those who were ‘Not Economically Active’. Now, ‘Labour Force’ stays the same (i.e. employed plus unemployed individuals), but the other segment is called ‘Outside the Labour Force’
    • ‘Outside the Labour Force’ is further segmented into the ‘Potential Labour Force’ and ‘Others’  
      • ‘Potential Labour Force’ (4.5 million) refers to those who are ‘available, but not seeking’ (i.e. 3.5 million discouraged workers + 1 million that have another reason for not searching) and ‘not available, but seeking’ (83,000 people, which we assume would be those who have to give notice at their current jobs or who are finishing up their studies)
      • ‘Others’ are those who ‘want employment but are not available or seeking’ (i.e students, homemakers, illness/disability), as well as those who ‘do not want employment’
    • Changes have also been made to the definition of formal/informal employment – the size of the establishment is no longer the main criterion, but access to pension or annual leave/paid sick leave is now

In light of the above, here’s what the numbers say:

    • Q3 vs Q2: +248,000 more people were employed, for a total of 17.1 million
    • Official unemployment rate improved to 31.9% (Q2: 33.2%)
    • Adding in the potential labour force, the combined rate of unemployment is 42.4% (Q2: 43.0%)
    • Despite changes to the definitions, 70% of employment comes from the formal1 sector, 23% from the informal sector and 6.5% from households
Source: Stats SA 12/11/25
Note: 1. Agriculture is now included in formal/informal. Previously the <1 million jobs were reported separately | Stats SA definitions: ‘Employed’ persons are those aged 15 to 64 years who, during the reference week, did any work for at least one hour, or had a job or business but were not at work (i.e. were temporarily absent) | Employees: are workers employed for pay, on a formal or informal basis, who do not hold controlling ownership of the economic unit in which they are employed. They are remunerated in cash or in kind in return for time worked, or, in some cases, for each task or piece of work done or for services provided, including sales (by the piece or commission). Stats SA 12/11/25

Ti Perspective: The adoption of the new ICLS resolutions is essential for international comparability and has been adopted to ‘theoretically’ provide a more detailed and accurate view of the South African labour market. Some argue that our unemployment figure is inflated by these strict definitions, and does not take into account the vast number of South Africans who hustle to make a living while not considering themselves ‘employed’ because they don’t take home a paycheck. Not to say that there is no problem, however, especially when it comes to the youth.

See all

THE WEEKLY GURU

“Statistics are no substitute for judgment.”
Henry Clay

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