Spar gets boost from Swiss business
Group sales rose 12.4% in the 48 weeks to August 28, while sales in Switzerland surged 31.1% in rand terms
Retail group Spar said on Friday support from Swiss customers saw its turnover in that country jump amid the Covid-19 pandemic.
In a trading update for the 48 week period ending August 28 the group said its business in Switzerland had “exceptional” turnover growth of 11.4% in Swiss franc currency terms year on year, and 31.1% in rand terms. The group said Swiss consumers had supported local retailers during the pandemic.
Group sales during the period rose 12.4% to R112.04bn during the period, with turnover in Southern Africa rising 4.8%, under pressure from the prohibition on cigarette and liquor sales.
Spar’s Swiss business had contributed about 10% of group turnover in its year to end-September 2019, while Southern Africa contributed about three quarters.
Spar’s results for the year to end-September 2020 are expected on November 18.
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