Grocer's share price plunges the most on record after management misses annual profit target and halves dividend
Grocery wholesaler and retailer Spar plunged almost 13% on Wednesday after missing its full-year profit target and slashing its dividend as disgruntled investors unloaded the stock and wiped about R4bn off its market value.
The news was especially bad for shareholders as the company also slashed its dividend by more than half to fund an upgrade of its IT systems across SA and Europe — though that decision had been communicated to the market previously...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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