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Spar Switzerland Sees Profit Rise Despite Lower Sales

Spar Switzerland Sees Profit Rise Despite Lower Sales

Mi, Jun 12th 2024

Spar Switzerland reports a 6.7% net profit increase despite a 4.6% drop in sales due to exchange rate impacts.

KEYSTONE/Urs Flueeler

Spar Switzerland experienced a decline in sales in the first half of 2023/2024, ending in March, due to negative exchange rate effects. However, the retailer saw a significant increase in operating profit, attributed to efficiency gains in logistics.

Total sales at Spar Switzerland fell by 4.6% to 374 million francs in the first half of the year, the South African-owned company announced on Wednesday. Despite this, operating profit rose by 11% to 6.3 million francs, and net profit increased by 6.7% to 3.7 million francs.

The decline in turnover was primarily due to exchange rate developments. Adjusted for these, turnover would have risen by 8.7% and operating profit by as much as 26%.

The high level of investment in a new distribution center in Gossau SG and extensive automation has led to improved efficiency, explaining the strong profit growth. Additionally, the focus on fresh products, strengthening own brands, and closing loss-making stores have paid off.

©Keystone/SDA

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