On Wednesday, South African food retailer Spar (SPPJ.J) reported a 30.3% drop in half-year earnings due to consumer inflation and rolling blackouts.
The company’s headline earnings per share declined from 642.6 cents to 447.9 cents in the six months ended March 31.
During South Africa’s worst rolling blackouts, spar shops spent 700 million rands ($37.59 million) on generator diesel.
The corporation also faced rising food prices. In April, the government reported 13.9% of food and non-alcoholic beverage inflation in South Africa.
“While conditions are expected to remain tough, management is taking action to reduce the impact thereof and will continue to attract consumers through real value house brand offerings,” the business stated.
Shirley Zinn became the company’s deputy board chair immediately.
