JOHANNESBURG - The bad news keeps coming for SPAR.
The savings may have been supersized, but the share price, not so much.
Shares in the group plunged after it reported promotional activity over Black Friday led to lower profit margins.
SPAR released a trading update for the four-and-a-half months until the end of January.
The group blames this on a highly competitive market with low food inflation and even some deflation.
It says price cuts were made to protect the business.
It also announced changes to its strategy around a SAP system that has been a headache since 2023.
The group confirmed it has been served with a summons relating to its KwaZulu-Natal distribution centre.
It was reported that SPAR is facing a R169-million lawsuit from a prominent family that owns stores in KwaZulu-Natal.
On Friday, CEO Angelo Swartz's resignation saw the share price plunge.