JOHANNESBURG – South African retailer and wholesaler Spar Group posts a near 17% rise in sales boosted by retail and local liquor sales.
Group sales rose 16.9% to 25.6 billion rand ($2 billion) for the 13-week trading quarter ended 31 December 2016.
Spar’s group retail sales gained 6.1%
South African sales increased 5.8% despite being impacted by a slow-down in the building materials business, the company said.
Liquor sales in South Africa remained robust, with sales growth exceeding 11.3%.
Sales fell 2.6% for the Group’s Irish business following sterling weakness and the strengthening rand, spar said
Trading was difficult in Swiss business, SPAR Holding AG, that was acquired in April last year but the company said it remains optimistic that results will improve.
Spar previously closed its distribution centre in Zimbabwe in November last year due to weak economic growth.
Shares in Spar fell 5.20% to R174.00 at the close.