Supermarket group Spar reports slight drop in earnings
The retailer said headline earnings per share from continuing operations fell by 0.4% to 450.1c in the 26 weeks ended March 28, down from 451.9c a year earlier.
Group operating profit increased by 1.6% to R1.5bn, supported by improved cost discipline, with its operating margin stable at 2.2%.
In Southern Africa, wholesale turnover increased by 1.7% to R49.9bn, reflecting the ongoing pressure on consumer spending, compounded by lower food inflation, Mozambique post-election unrest, the timing of Easter falling in the second half of this financial year and shop closures in Gauteng, Spar said.
Combined grocery and liquor wholesale revenue rose by 1.1%, while retail revenue increased by 1.9%, with like-for-like sales up 1.6%.
Growth was underpinned by strong momentum in the lower-income customer segment, while the middle and upper segments' performance lagged the market, the retailer said.
Ireland reported local currency revenue fell by 0.6% in an environment where inflation is challenging volumes in the retail convenience sector.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
2 days ago
- The Citizen
Afristrat liquidation ‘an attempt to misattribute responsibility' – ex MyBucks SA boss
David van Niekerk alleges Afristrat CEO George Manyere was 'the architect of the downfall of both Afristrat and MyBucks'. Former MyBucks SA CEO David van Niekerk claims the provisional liquidation of Ecsponent, the previously JSE-listed company now renamed Afristrat, appears to be an attempt to rewrite history and misattribute responsibility for the group's dire financial situation. Van Niekerk said the underlying issue remains the actions of Afristrat CEO George Manyere, 'not only as a participant, but as the architect of the downfall of both Afristrat and MyBucks'. He rejected a suggestion in a founding affidavit in support of Afristrat's liquidation that it was a 'bona fide error in judgment' by Manyere to convert R420 million in MyBucks debt into equity in November 2019. Van Niekerk said this narrative by Manyere is 'disingenious,' alleging the decision and strategy were orchestrated by Manyere to: Consolidate control over MyBucks and Afristrat. Strip assets from both companies into MHMK Group entities. Divert value away from existing shareholders. Approached by Moneyweb for comment on Van Niekerk's allegations, Manyere said they do not currently intend to engage with 'the unfounded and defamatory allegations made by Mr Van Niekerk, which are both factually incorrect and misleading'. He added that the circumstances surrounding the collapse of Afristrat have been comprehensively outlined in his founding affidavit for the liquidation of the company. 'We, however, reserve the right to address any allegations made by Mr Van Niekerk in the necessary forum,' he said. The board of Afristrat approved a special resolution to apply for Afristrat's liquidation because the company is technically insolvent and unable to pay its debts as and when they become due. The notice of motion was served to Afristrat Investment Holdings Limited on 15 July 2025. Investors invested R2.3 billion in preference shares in the company. ALSO READ: Afristrat has 'lost' R1.5bn investment in MyBucks Manyere claimed in the founding affidavit that Afristrat 'unfortunately fell victim to an orchestrated series of fraudulent transactions,' which caused the company irreparable harm. He referred to an investment in MyBucks SA (Luxembourg) and its subsidiaries, co-founded and managed by Van Niekerk up until March 2019. Van Niekerk's initial response to Manyere's allegations was that he too was a victim – not a beneficiary – of Manyere's actions. He subsequently provided a detailed response to Moneyweb about the mechanisms that led to the collapse of value in both MyBucks SA and Afristrat. Van Niekerk said Afristrat invested in numerous entities, only one of which was MyBucks, and that he served as CEO of the Frankfurt Stock Exchange-listed MyBucks SA until March 2019. He said Afristrat provided funding to MyBucks SA to support its lending businesses in Africa and South Africa. However, Van Niekerk claimed that from 2018 through to early 2019, Manyere – who was then both a board member of MyBucks and vice chairman and de facto controlling shareholder of Afristrat via MHMK Group – began asserting that MyBucks and its subsidiaries were unable to service this debt. 'This, in truth, was part of a dispute over the cost of funding charged by Ecsponent,' he said. ALSO READ: Ecsponent investor continues fight over R2.3bn in lost investor funds Debt to equity conversion Van Niekerk said that, as a supposed solution, Manyere proposed converting debt to equity in MyBucks. 'Since a few of the Manyere's shareholders had debt in the business, he convinced all debt holders that a cheap conversion was the way to go,' he claimed. Van Niekerk said Manyere then secured the appointment of his former business partner and confidant, Tim Nuy, as CEO of MyBucks SA to consolidate his operational control of the group. 'At this point, it became clear that it was Manyere's intention to wrest control of MyBucks SA via Afristrat, with the full support of the board. 'After many months of fighting this, I resigned as CEO on 27 March 2019 in opposition to this course of action, which – as it turned out – would prove catastrophic for both Afristrat and MyBucks SA,' he said. ALSO READ: Ecsponent Financial Services accused of selling high-risk preference shares to pensioners JSE investigation and outcome Van Niekerk said letters were sent to the JSE Market Regulation Department in May and June 2021 concerning MHMK Fin, formerly the MHMK Group, entering into several transactions with Afristrat involving asset transfers and share issuances, including the acquisition of assets formerly owned or controlled by MyBucks SA. He explained that these letters outlined how these orchestrated transactions – including the MyBucks debt conversion – appeared to have been designed to secure operational control of Afristrat and MyBucks SA by MHMK Group, and formally requested the JSE to investigate these transactions. 'Regrettably, no action was taken,' he said. JSE director issuer regulation, Andre Visser, confirmed to Moneyweb that the JSE received a complaint in 2021 and investigated the various allegations of non-compliance with the JSE listings requirements relating to transactions concluded between Ecsponent Limited and its group companies. 'Based on the information submitted, together with information obtained and available to the JSE, no contravention of the JSE listings requirements was identified,' he said. Van Niekerk claimed that prior to his departure, MyBucks had a strong geographical spread, operating in Australia, Europe and Africa, with a highly capable artificial intelligence (AI) development team and best-in-class fintech infrastructure. 'It was not in financial distress at the time. We had won several awards for AI and even went on to sell the Australia operation at a $5 million profit,' he said. ALSO READ: Ecsponent's preference shareholders fear losing everything Financial decline and asset sales Van Niekerk said Afristrat shareholders approved the conversion of MyBucks' R420 million debt in November 2019 at a subscription price of €1 per share, but at the time the initial discussions began, MyBucks shares were trading at €8 per share. Van Niekerk said that by the time the circulars went out, it was at €6 per share and the shares had dropped to €0.70 per share when shareholder approvals were secured, as a result of the market pricing in the forced conversion. 'This transaction, coupled with subsequent operational decisions, decimated value in both companies. 'MyBucks, as it turns out, was previously servicing Afristrat's entire preference share base. 'Following the conversion and strategic shift, cash flow dried up, and assets were ultimately sold at below-market value to companies linked to Manyere. 'Manyere's actions directly led to the collapse of both entities, and over R2 billion in investor funds were effectively wiped out, converted to worthless Afristrat shares. 'MyBucks SA was eventually placed into liquidation by the Luxembourg tax authority. 'Debt owed by Afristrat to Ecsponent Eswatini became irrecoverable. MyBucks assets were sold to MHMK and its associates, and all the MyBucks technology and subsidiaries now fall under MHMK,' he said. Van Niekerk added that an independent forensic investigation commissioned by the Central Bank of Eswatini into Ecsponent Eswatini was conducted by Cliffe Dekker Hofmeyr Inc, whose report attributes the E340 million loss 'to failures under Manyere's stewardship – not mine'. This article was republished from Moneyweb. Read the original here.
The Citizen
3 days ago
- The Citizen
Blanket drive is compassion and care in action
Thanks to a remarkable collaboration between Rekord, SPAR, and The Big Blanket Project, 400 blankets found their way to those most in need during the My SPAR My Community campaign, offering not just physical warmth but a gesture of deep humanity. This winter collaboration in August included the Kopano Lerato Project, a beacon of hope in Winterveldt, situated 55km northwest of Pretoria. Serving a community of over 300 000 people, many of whom live in extreme poverty, Kopano supports families affected by HIV, especially orphans and vulnerable children. Their services stretch from home-based care and HIV counselling, to TB screening, and assistance with gender-based violence. The project also promotes self-sustainability, encouraging households to grow vegetables, often in creative doorframe gardens that bloom with life. When Rekord approached The Big Blanket Project with the generous donation from SPAR as part of their My SPAR My Community campaign, they asked: 'Can your network help us reach those who need these most?' Without hesitation, the answer was yes. As Carol Bunn, founder of The Big Blanket Project, puts it: 'You increasingly see the need on the news to help, and you know all those social needs are growing and accelerating. It is deeply distressing. You feel the very real need to help.' The Big Blanket Project started just three years ago with a single friend's wish to make a difference. Now, it includes more than 30 dedicated knitters, mostly retired women, who meet every Monday morning at the Pretoria Old Boys Club in Pretoria east. They bring with them not just needles and yarn, but a spirit of friendship, laughter, and purpose. Together, they have created not just blankets, but a movement of goodness and kindness. This powerful network ensured that blankets reached multiple registered projects during the SPAR outreach, including the Tshwane Leadership Foundation's shelters and homes, the organisation PEN's inner-city outreach, and the Sisters of Mercy-run women's shelter in Capital Park. At this shelter, home to women and their children fleeing abuse, 21 blankets were delivered, along with a big bag of lovingly knitted toys and tiny beanies. The shelter, known for its dignity and warmth, also runs a thriving vegetable garden and provides skills training in hairdressing, sewing, and nail care. Sisters of Mercy expressed their heartfelt thanks to Bunn: 'Thank you so much for your very generous donation of blankets and the lovely knitted toys. Thank you, too, for visiting the shelter.' More blankets made their way to PEN's homeless shelters across Pretoria, including Sunnyside. In the capital city, nearly 20 000 people live without secure shelter. PEN, through its outreach and reintegration services, offers more than just beds; it offers a path forward. Here, the management said the blankets mean safety on a cold night, and become a barrier between hardship and hope. At the Tshwane Leadership Foundation, where inner-city homes and complexes support the most vulnerable, the blankets became more than gifts. They became symbols of solidarity, of a city showing up for its own. From the first stitch to the last delivery, this blanket drive was a living thread of community in action. While wool warmed bodies, it was the connection that warmed hearts. – The Big Blanket Project is a registered NPO. Any offers of donations of wool, needles, crocheted or knitted squares, as well as cash donations to buy wool, can be made via WhatsApp to Carol Bunn at The Big Blanket Project: 082 373 6206. Collection boxes are at The Toy Shop in Rodericks Road (Menlo Park), Cash Converters (Gift Acres) and Hazelwood Food Market. Do you have more information about the story? Please send us an email to [email protected] or phone us on 083 625 4114. For free breaking and community news, visit Rekord's websites: Rekord East For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok.
IOL News
07-08-2025
- IOL News
TFG share price falls 7% even though sales have perked up since June
A Foschini Group store in Johannesburg. The groups' sales in its TFG Africa unit flattened in June 2025 in line with the same period a year before but had inceased by a string 9.2% in the three weeks to July 19. Image: Karen Sandison/African News Agency The Foschini Group's (TFG) share price plunged over 7% on Thursday morning after the clothing and accessories retailer reported that June sales in its TFG Africa segment had flattened, following a first eight weeks of strong sales for the 2026 financial year. The share price was trading at R110.96 on Thursday morning, which was also 15.3% lower than the price a year ago. In the first eight weeks of the quarter to end-June 2025, the group reported a strong 9.9% increase in sales due to the timing shift of the Easter holidays into April and favourable winter conditions against a prior-year base impacted by pre-election consumer caution in 2024. However, June 2025 sales slowed and were flat, while total market retail sales reported by the Retail Liaison Committee (RLC) fell by 4%. 'The impact was intensified by the shift of school holidays from the last two weeks of June into July, leading to higher promotional activity across the market,' TFG's directors said. Nevertheless, for the three weeks to July 19, 2025, TFG Africa's sales had increased by 9.2%. One hundred new stores were expected to be opened in the 2026 financial year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading First quarter store sales rose by 3.2%, complemented by a strong online sales performance. The store network expanded by a net 3 stores, bringing TFG Africa's total store count to 3 617. At the end of the three-month period, TFG Africa's sales were up 5.2%, TFG London sales were up 57.7%, and TFG Australia sales fell by 2.8%. Excluding last year's acquisition of White Stuff, comparable group sales grew 2.5%, and TFG London sales declined by 2.6%. This brought overall group sales 11.5% higher to R14.4 billion in the quarter. Group online sales grew by 45.5% and now contributes 14.5% to total retail sales, aided by the acquisition of White Stuff. TFG Africa online sales grew by 40.2%, driven by the Bash platform. Market share gains in South Africa of 50 basis points were reported in the TFG Africa segment, outperforming total market retail sales growth, according to RLC data. In TFG Africa, clothing sales increased by 4.2% over the same quarter a year ago, homeware sales increased by 8.5%, beauty product sales were up by 24.5%, jewelry sales increased by 0.3%, and cellular sales were up 2.8%. Credit sales increased by 9.3% and now contribute 28.2% of TFG Africa sales, with the debtors' book growing by 9% to R9.1bn. Acceptance rates for new accounts increased by 0.5% to 20.3%. In the clothing segment, sales increased by 4.2% while comparable sales grew 0.3%. The segment experienced a strong 7.4% growth in April and May. The beauty segment maintained strong growth, with sales rising 24.5%, achieving further market share gains in line with strategy. TFG London was impacted by the continued weak UK economy, but the addition of White Stuff saw sales increase by 57.7%—excluding White Stuff, sales declined by 2.6%. Online sales were up by 55.9%, contributing 43.1% of total TFG London sales. TFG Australia continued to face sustained high inflation and interest rates impacting the consumer. Sales were 2.8% lower in Australian dollars, with a mixed performance in a highly promotional market. In the UK, sales growth was 68.8% for the three weeks to July 19. Excluding White Stuff, sales growth was 6.3%. In Australia, sales contracted by 4.1% in the three weeks ended July 19. However, the economy appeared to be stabilising, with two quarter-percent interest rate reductions in recent months. BUSINESS REPORT
