Hot off the PowerPoint mill, those SPAR results that have had you wearing a hole in the carpet these how many days now? Let’s cut to the chase: Group wholesale turnover up +5.9% to – wooohoooh! just north of a hundred billion, for the first time ever, with operating profit up +7.9% to R2.8bn. The Southern African business grew turnover to R68.8bn, with Ireland contributing R22.5bn and Switzerland close to R10bn. TOPS was, as always, the star performer, with wholesale turnover up +13%. SPAR Southern Africa now serves 2,236 stores, with 145 new stores opened across all brands in FY18, and 276 refurbished, up 20-odd from last year. Operating expenses were tightly managed amid challenging trading conditions, while the Irish and Swiss acquisitions are beginning to pull their weight with greater vim and vigour. For more details, have a look at our synopsis here.
Comment: The translation of the Group’s recently refreshed strategy, the ability to maintain member purchasing loyalty of ±80% and being adaptable enough to respond to changed market conditions, will inform the success of this impressive business going forward. We look forward to seeing how this plays out.