Choppies has finally released its much delayed full-year results for 2019 (the 12 months to June 2019), as well as its half-year results for the six months to December 2019. These delays followed an accounting scandal that arose from related-party transactions and various misstatements, which saw it replace its auditors on two occasions and trading
31st July 2020
During mid-December, Choppies finally published its financial results for the 12 months to June 2018 (FY2018). The Botswanan retailer’s losses deepened during the year, from an upwardly revised BWP169.8 million (USD16.9 million) in FY2017 to BWP444.5 million (USD44.2 million) during FY2018. Auditor PwC refused to sign off on its accounts, stating that “We have not
16th January 2020
Troubled Botswanan retailer Choppies has indicated that it intends to dispose of its supermarkets in Kenya, Tanzania, and South Africa. Choppies currently operates more than 200 outlets in eight countries in Southern and Eastern Africa, with Botswana and South Africa accounting for the bulk of these – 85 and 88 outlets, respectively, according to the
10th September 2019
Mired in an accounting scandal, supermarket chain Choppies suspended CEO Ramachandran Ottapathu last week, but this move does not seem to have gone done well with some of its suppliers, amid media reports of empty shelves in some of its outlets. Botswana-based Choppies operates around 250 stores across eight sub-Saharan countries, and Ottapathu, who has
28th May 2019
According to The African Development Bank’s annual African Economic Outlook, which was published last month, such South African retail chains as Shoprite risk becoming victims of their own success in Southern Africa. This is because governments in the region have begun to perceive them as a threat to local economic development and are moving to
25th February 2019
January has been an eventful month for the Botswanan supermarket chain in one of its most important international markets. Riots sparked by the government’s January 12th announcement that it was more than doubling the retail price of fuel saw nine Choppies outlets in Harare and Bulawayo looted, with four of these extensively damaged by fire.
22nd January 2019
Botswanan supermarket chain Choppies has missed another deadline to publish its annual results (for the 12 months to June 2018), prompting the Botswanan Stock Exchange (BSE) to suspend trading in its shares. In a statement, the BSE stated that trading in Choppies’ shares “will remain suspended until the company complies with BSE listings requirements or
9th November 2018
On September 21st, Choppies announced that it was to delay publication of its financial results for the 12 months to June 2018, adding that its profits would decline by at least 20% year-on-year.
3rd October 2018