SPAR Ripples believe it or not!
So, those SPAR results then, summarised and in a much more easily digestible format than that brief we received earlier. “Modest” in their words, with turnover up +5.3% to R95.5bn for the 12 months ended 30 September, and gross profit up +14.6% to R9.6bn. “These results reflect the weak state of consumer buying power and confidence,” their words again, although they could be the words of any business within our sector at this troublesome juncture. On the upside, things in Ireland have been going as swimmingly as Durban’s, and indeed Dublin’s, weather right now, with solid operating profit growth and market share gains across most of its retail brands. And on the pharmaceutical wholesaler front (yes, they have one of those now too), the group purchased a 60% shareholding in S Buys effective 1 October 2017 for a sweet R45m. The remaining 40% will be scooped up in 2022. Need a nifty 1-page summary that you can slap on your boss’ desk, or if you’re the boss, peruse at cruising altitude in your G6? Click right on here then. You’re welcome.
Comment: This is the first time in a long while that we have seen ripples in SPAR SA. But with Ireland, Switzerland and pharmacy humming along as they are, we’ve no doubt such ripples will be smoothed out soon enough.