The retailer is struggling in Switzerland and experiencing only marginal growth in its Irish business
Shoppers at a Spar outlet in Rustenburg, North West. Picture: MARTIN RHODES
The wholesale retailer released a subdued earnings update for the 18 weeks to end-January with a 5.45% increase year on year, but minor growth in Ireland and a downturn in Switzerland. Spar reported that turnover at its Swiss business was down 1.9%, but that it had fared better than other listed retail operations in that country. “Management remains satisfied that the implemented strategies in Switzerland will continue to show positive terms,” it said.
It said weaker spend overall by local consumers was reflected with sales only up 4.9%. If its product price inflation of 4.2% is taken into account and added to population growth, people are actually buying less or cheaper food per head, year on year.
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