Spar surges as it flags SA resilience, retreat from Poland

Shares in Spar leapt more than 11% on Thursday after it said it was successfully defending its margins in SA despite consumer pressure, while it has also given up on its loss-making business in Poland.

After only four years in that country, the retailer has decided it doesn't have the time or the money to rapidly build the necessary scale in Poland, interim CEO Mike Bosman said on Thursday. He hinted strongly that the group is looking to shift more of its focus to SA, where margins are better, and it has benefited from loyalty among storeowners despite distribution woes in KwaZulu-Natal.