Retail giant SPAR incurred over R700 million in load shedding related costs.
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GUEST – Mike Bosman – Chairman and Interim Group CEO of SPAR
The SPAR Group delivered sales growth of 7.9% increasing turnover to R72.9 billion in the six months ending March 31, 2023. However, economic headwinds and cost pressures led to earnings falling 30.3% over the period. While the installation of solar power plants across all its distribution centres helped alleviate the strains placed on the business by incessant bouts of load shedding, fuel, energy and other inflationary cost pressures, together with the temporary go-live challenges of a new SAP IT system, continued to bite.
The SPAR Group delivered sales growth of 7.9% increasing turnover to R72.9 billion in the six months ending March 31, 2023. However, economic headwinds and cost pressures led to earnings falling 30.3% over the period. While the installation of solar power plants across all its distribution centres helped alleviate the strains placed on the business by incessant bouts of load shedding, fuel, energy and other inflationary cost pressures, together with the temporary go-live challenges of a new SAP IT system, continued to bite.
