Spur Gains Most in 11 Weeks as Sales Climb: Johannesburg MoverJanice Kew
Spur Corp., the South African franchise that operates Spur Steak Ranches and Panarottis Pizza Pasta outlets, climbed the most in more than 11 weeks after it said sales rose 16 percent in the year through June.
The shares jumped as much as 6 percent to 30.90 rand, the biggest intraday gain since May 8, and traded at 30 rand as of 10:37 a.m. in Johannesburg. A close at this level will be the highest since June 14.
“Spur has focused on changing the look and feel of their restaurants and this seems to be paying off,” Chris Gilmour, an analyst at Absa Asset Management Private Clients said by phone from Cape Town. “They have been less affected by weaker consumer spending.”
Restaurant sales in South Africa rose 15 percent in the 12 months, while sales at its international operations advanced 25 percent, boosted by a weaker rand in the second half of the financial year, Spur said in a statement. It opened 23 new outlets in the period.
More than 101,000 shares were traded, almost 80 percent of its three-month daily average.