TOPS sales jump 42%, boosting Spar’s profits

The Spar group reported a 5% increase in group sales to R67.6 billion, with operating profit increasing by 7% to R1.8 billion in the six months to end-March.

Its diluted headline earnings per share increased by almost 4% to 641.1 cents, and the retail group declared an interim dividend of 175 cents per share.

Spar’s share price rose almost 2% in opening trade on Wednesday.

Spar’s TOPS made a strong recovery following the lifting of alcohol trading restrictions in September with growth of almost 42% in sales compared to the same period in the previous year. Wholesale grocery and liquor turnover increased by 8.5% for the period. – bbc.com