Zimbabwe: Expansion key to Innscor growth

ZIMBABWEAN fast food and retail group Innscor Africa reported a 7 percent decline in half-year earnings yesterday due to shrinking consumer spending and said it would look to expand in Africa to spur future growth. The country is experiencing an economic slowdown, marked by company closures as businesses struggle with power cuts and lack of capital. Growth this year is expected to be lacklustre, hit by a lack of foreign investment and low commodity prices. Innscor runs the Chicken Inn and Pizza Inn chains, as well as the local operations of supermarket Spar. Innscor chairman Addington Chinake said the Zimbabwean economy would continue to slow down this year and the key to future growth was expanding in Africa. Without giving details, the company said it planned to open 55 new fast food outlets in the rest of Africa, as part of its future growth strategy. – Reuters