Spar Group South Africa Profit Gains 5.6% On Store Openings
South African food and liquor retailer Spar Group said that full-year profit gained 5.6 per cent, as the company opened more stores in Ireland and its home market.
Net income rose to 1.42 billion rand ($99.9 million) in the 12 months through September, the Durban-based company said in a recent statement.
Sales increased by 35 per cent to 74 billion rand, helped by the acquisition of the BWG Group in Ireland last year. The retailer added 252 stores across both territories, bringing the total to 3,267.
"Against the backdrop of continued pressure on consumer spending, Spar stores reported a pleasing performance [in southern Africa]," the company said. "Furthermore, the prospects in Ireland are improving as economic recovery and growth are set to continue."
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