Spur profits slump on virus hit

A spike in take-away sales was not enough to pull the Spur Group out of the hard COVID-19 impact. The closure of beaches and more stringent regulations during the festive season saw its profit slump 74% in the second half of the financial year. CEO Val Nichas shares more details. Courtesy #DStv403

JOHANNESBURG - A spike in take-away sales was not enough to pull the Spur Group out of the hard COVID-19 impact.

The closure of beaches and more stringent regulations during the festive season saw its profit slump 74 percent in the second half of the financial year.

READ: Spur in talks to secure loans in case of lockdown extension

But sales from online food delivery services Mr D Food and Uber Eats grew by 72 percent and 41 percent respectively for the six months.

Spur operates over 600 stores including Panarottis, RocoMamas and John Dory’s.

The company deferred paying the 2020 interim dividend for the third time. 

Source
eNCA

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