Expansion into Switzerland lifts Spar
Group says the performance of Build It continues to defy pressure on consumer spending, with retail sales and same-store growth both increasing
Expansion into Switzerland helped grocery chain Spar grow revenue 24.5% to R92.2bn and attributable profit 27.7% to R1.8bn in the year to end-September, it reported on Wednesday morning. Spar segments itself into three geographical regions. Southern Africa contributed 67% of the group’s revenue and 80% of operating profit. Its store network in the region (including franchises) — which, besides its flagship grocery chain, includes Tops liquor outlets and the Build IT hardware chain — was 2,033 at September 30. Ireland contributed 25% of revenue and 19% of operating profit. The acquisition of Londis helped its Irish division grow revenue 37%, and its store network stood at 1,340 outlets at the end of the reporting period.
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