Ireland delivers big for Spar

South African retailer and wholesaler Spar Group has reported a 6% increase in turnover to R103 billion for the year ended September. In an interview with CNBC Africa, CEO Graham O'Connor expressed his satisfaction with the company's performance despite challenging economic conditions. O'Connor highlighted the strong competition in the market but emphasized the positive results achieved, particularly in international markets like Ireland and Switzerland. The CEO discussed the company's expansion strategy in Europe, with a focus on increasing their footprint in Ireland and exploring opportunities in other European countries. O'Connor mentioned that while the European business has shown growth, the company faced challenges in some African markets such as Zimbabwe, Zambia, Mozambique, and Angola due to infrastructure limitations and lack of government support. However, he expressed confidence in the South African market, noting signs of economic improvement and positive growth in the last quarter of the year. The CEO credited the government's efforts to combat corruption and create job opportunities as contributing factors to the country's economic outlook. Spar Group has reaffirmed its commitment to the South African market, with plans for further expansion and capital expenditure. The company witnessed successful store openings and a 3.8% increase in sales, indicating a strong presence in the local retail sector. Additionally, Spar Group has ventured into the pharmaceutical sector, with plans to expand its pharmacy operations in the future. Overall, Spar Group's focus on European expansion, coupled with its investment in the South African market, reflects a strategic approach to driving growth and profitability amidst a competitive retail landscape.