Disgruntled investors take Spar to the cleaners
Grocer’s share price plunges the most on record after management misses annual profit target and halves dividend
16 November 2022 - 09:38
UPDATED 16 November 2022 - 19:30
Grocery wholesaler and retailer Spar plunged almost 13% on Wednesday after missing its full-year profit target and slashing its dividend as disgruntled investors unloaded the stock and wiped about R4bn off its market value.
The news was especially bad for shareholders as the company also slashed its dividend by more than half to fund an upgrade of its IT systems across SA and Europe — though that decision had been communicated to the market previously...
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