SPAR’s 2025 Results: Resilience Amid Rising Costs and Restructuring.
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Reeza Isaacs, CFO – The SPAR Group
SPAR has delivered a mixed set of full-year results showing resilience in a tough retail environment, but also revealing the financial pressures still weighing on the business. For the 52 weeks to 26 September 2025, the supermarket group grew headline earnings per share by 3%, lifted by a stronger second half and disciplined cost control. Turnover from continuing operations edged up 1.6% to R131.5 billion, while gross profit rose 3.3%, with margins improving to 10.8%.
But higher financing costs and a rising tax rate squeezed the bottom line, leading SPAR to withhold a dividend for another year as it continues to repair its balance sheet. The group made big progress on that front slashing net debt from R9.1 billion to R5.4 billion, helped by the disposal of its loss-making operations in Switzerland and Poland.
Southern Africa remains the group’s earning engine, with operating profit up 6.8%, offsetting a softer performance in Ireland. With streamlined operations, reduced leverage, and a renewed focus on execution, SPAR says 2026 will be a year of reset and rebuilding.
SPAR has delivered a mixed set of full-year results showing resilience in a tough retail environment, but also revealing the financial pressures still weighing on the business. For the 52 weeks to 26 September 2025, the supermarket group grew headline earnings per share by 3%, lifted by a stronger second half and disciplined cost control. Turnover from continuing operations edged up 1.6% to R131.5 billion, while gross profit rose 3.3%, with margins improving to 10.8%.
But higher financing costs and a rising tax rate squeezed the bottom line, leading SPAR to withhold a dividend for another year as it continues to repair its balance sheet. The group made big progress on that front slashing net debt from R9.1 billion to R5.4 billion, helped by the disposal of its loss-making operations in Switzerland and Poland.
Southern Africa remains the group’s earning engine, with operating profit up 6.8%, offsetting a softer performance in Ireland. With streamlined operations, reduced leverage, and a renewed focus on execution, SPAR says 2026 will be a year of reset and rebuilding.
