Spar Group has reported a 12% surge in full-year operating profit, largely defying the malaise in the local retail sector and the Brexit-inspired dip in Europe’s consumer confidence. In the year to the end of September, the food and drug retailer said operating profit had climbed to R2.6bn from R2.3bn in the previous year. Headline earnings per share jumped 22.1% to R10.20 and turnover rose 23.8% to R90.7bn. CEO Graham O’Connor said Irish-based BWG Group had given "a sterling performance". The BWG Group, which is Ireland’s largest convenience retailer, increased turnover 36.8% to R23.1bn. "BWG Group has produced strong results. Brexit did not really have an effect. On the border of Northern Ireland, there was a little bit of strain and the stronger euro hurt us a little bit. But overall, I’m delighted," O’Connor said. Spar’s results come at a time when the retail sector is under investor scrutiny. While clothing retailers have borne the brunt of investors’ ire after a series of poor...
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