S.African retailer Spar's interim earnings slump 30%

📆 14/06/2023 06:30:00
📰 ReutersAfrica

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South African food retailer Spar on Wednesday posted a 30.3% fall in its half-year earnings, led by inflationary pressures on consumers and increased operational costs arising from rolling blackouts.

Customers walk beneath a company logo for the South African supermarket chain SPAR Group as they arrive at a supermarket in Johannesburg, South Africa, June 7, 2022. Picture taken June 7, 2022. REUTERS/Siphiwe Sibeko/FILE PHOTOon Wednesday posted a 30.3% fall in its half-year earnings, led by inflationary pressures on consumers and increased operational costs arising from rolling blackouts.

South Africa is facing its worst rolling blackouts on record, costing Spar retailers over 700 million rand on diesel for generators over this period alone.

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