South Africa’s SPAR FY earnings rise on cost controls amid tough markets
JOHANNESBURG – South African retailer and wholesaler SPAR Group said on Wednesday its normalised annual profit rose 10%, helped by tight margin management and cost controls in the face of poor consumer sentiment in all of its markets.
SPAR, a grocery chain which also sells building materials and medicines in southern Africa, has been expanding into Europe amid a weak economy at home, but has also faced troubles in its newer markets such as Ireland and Switzerland.
The company said all indicators suggest consumer finances will stay under pressure in southern Africa, while issues like Brexit will continue to hurt its newer businesses.
Source: iol.co.za
