Spar Group says its net income rose by 4% to 952.6 million rand in 12-month period that ended in September; company intends to open 100 new stores during 2012 fiscal year

LOS ANGELES, California , November 9, 2011 () – Spar Group Ltd., a liquor and food retailer based in South Africa, saw its net income rise by 4% to 952.6 million rand over a 12-month period that ended in September, Bloomberg reported on Nov. 9.

According to the article, Spar’s dividends rose by 4.1% to 3.77 rand, and sales increased by 10.4% to 38.4 billion rand. Spar’s shares rose to 100 rand by end of Nov. 9, their highest price in a period spanning more than 11 months.

During the 2012 fiscal year, Spar intends to open 100 new stores, bringing their total number of stores up to 1,748.

Bloomberg reports that South Africa’s food retail market is likely to become more competitive in the coming year due to entry of Wal-Mart Stores Inc., which has purchased controlling shares in wholesale retailer Massmart Holdings Ltd.

The primary source of this article is Bloomberg, New York, New York, on Nov. 9, 2011.

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