Spar International’s South African division Spar Group said today (11 May) that its earnings rose during the first half of its financial year, despite an “extremely competitive” trading environment.

Headline earnings for the six months ended 31 March were up 15.8% to ZAR474.6m (US$69m). Revenue rose 8.8% over the half to reach ZAR17.5bn.

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Spar said that its performance was influenced by the effect of lower fuel prices and a “considerably reduced bad debt write-off”.

The company said it achieved the result despite continued pressure on consumer spending and an “extremely competitive” retail environment with aggressive pricing and promotions.

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