Economics
Spar of South Africa Profit Growth Slows Amid Weak Economy
- Net income gains 5.3 percent, first half sales also increase
- Supermarket chain expanding in Europe, Southern Africa
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Spar Group Ltd. said first-half profit growth slowed as the South African food and liquor retailer expanded in international markets and refurbished stores to counter weak consumer spending in its home market.
Net income rose 5.3 percent to 825.4 million rand ($52.6 million) in the six months through March, Durban-based Spar said in a statement on Wednesday. Revenue gained 17 percent to 42.5 billion rand. Profit advanced by 22 percent in the same period in 2015.