Spar Group: Turnover up in tough period

Spar Group increased turnover by 7.4 percent to R16.9 billion for the 17 weeks to January 25, it said yesterday. In the previous corresponding period, turnover increased 10.7 percent to R15.8bn. The group, which is a wholesaler and distributor of goods and services to Spar supermarkets, Build-it outlets, and Tops liquor stores, said it had a challenging trading period but the performance reflected positive volume growth and low levels of food inflation. It expected to release half-year results to March around May 21. A non-binding advisory vote on executive pay received 48.83 percent support at its annual general meeting. The shares shed 2.24 percent to close at R116.51 yesterday. – Nompumelelo Magwaza