Keystone
The retailer Spar achieved lower sales and profits in Switzerland in the 2023/2024 financial year (as at the end of September).
Sales fell by 6 percent year-on-year to 745.2 million Swiss francs, as the South African-owned company announced on Thursday.
Spar Switzerland’s business was characterized by rapidly changing market conditions and exchange rate effects. The company had made adjustments to its organization and procurement policy and made targeted investments in logistics. This resulted in efficiency gains.
However, the trading result fell by 12 percent to CHF 10.1 million and profit by 17 percent to CHF 5.57 million. According to the press release, the main reason for the fall in earnings was a provision for long-service awards amounting to 1.72 million francs, which was made for the first time. At the end of September, 1622 employees worked for Spar Switzerland, almost 9 percent more than in the previous year.
SDA