Loading...
See More

Spar tumbles as earnings disappoint

Nov 14 2012 12:30 Reuters & I-Net Bridge

Company Data

THE SPAR GROUP LIMITED [JSE:SPP]

Last traded 190
Change 2
% Change 1
Cumulative volume 771173
Market cap 0

Last Updated: 01-04-2015 at 04:15. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Spar full-year profit lags consensus

Massmart eyes fresh produce supplier

Cost control nightmare

Spar reports flat profits

Zim wins massive steel deal

Spar looking to expand in Africa

 
Johannesburg - Shares of Spar Group [JSE:SPP] tumbled 3.2% to R122.88 after the supermarket chain reported full-year earnings that fell short of market expectations.

Spar says diluted headline earnings rose 9.3% in the year to end-September, to 571 cents per share.
 
That missed market expectations by nearly 5%, according to a poll of 12 analysts by Thomson Reuters, which had forecast a result of 598 cents per share.
 
The results represent Spar's biggest earnings surprise since the year to September 2008, when its earnings beat Thomson Reuters estimates by nearly 8%.

“Trading for the year under review was impacted by an unsettled political and labour scenario‚ consumer spending still under some pressure and a highly competitive food retail environment. The group has‚ nevertheless‚ produced a solid set of financial results for the year‚” Spar said in a statement.

Revenue grew to R43.5bn from the previous period’s R38.8bn and turnover increased 12.2% to R43.2bn.

“Spar retailers again performed well with retail turnover of R53.7bn up 11.5%‚ which drove wholesale turnover up by 11.0% to R35.5bn‚” it said.

The group declared an annual dividend of 430 cents per share‚ a 14.1% rise from the previous period’s dividend.

Spar expects trading conditions to continue to be subdued with low economic growth forecast and consumer spending remaining under pressure.

“The consumer is likely to be further affected by rising food prices forecast in the 2013 financial year‚” Spar said.
spar

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

The Fast and Furious R40 million

With the Fast and the Furious 7 hitting South African cinema’s this April, all eyes are on the cars and we’re in for a treat!

 
 

Luxury living

This is the most expensive burger in the world!
Exclusive food items that WILL break the bank
Top 10 most expensive homes in the world
You can permanently live on a ship and sail the world!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How will you manage Vodacom’s price hike for contracts?

Previous results · Suggest a vote

Loading...