Spur Corporation sales rise by 4.5%, despite low economic growth
Sales from franchised restaurants in South Africa increased by 4.7percent, with sales from international restaurants increasing by 2.7percent in rand terms and by 4.1percent on a constant exchange rates. Chief executive Pierre van Tonder said the performance reflected the economic reality facing the South African consumer.
“Stagnant economic growth, rising unemployment, increases in energy, utility and living costs, regular bad news concerning state-owned enterprises and the recent widespread load shedding have hit the consumer hard. Consumer confidence remains negative and trading in these circumstances is certainly proving challenging,” Van Tonder said.
Despite the difficult operating challenges, Spur managed to open 20 restaurants in South Africa and closed four while 10 restaurants were opened and four closed internationally.
The group’s restaurant base increased to 642 at the end of December, up from 620 outlets at the end of June, and this includes 83 outlets operating outside South Africa.
Source: iol.co.za
