Earlier this year, Wunderman Thompson SA announced the appointment of Tshego Tshukutswane to its executive team as group chief strategy officer. Tshukutswane joined this month succeeding Moagi Bodibe, who has taken up independent consulting.ByJessica Tennant
While StatsSA's latest figures show retail trade falling 3.5% year-on-year from 2019 to 2020, continuing a 10-month downward spiral, South Africa's retailers are starting to show signs of adapting to the needs of the changing market.
South African franchise restaurant chain Spur Corporation said on Wednesday it expects first-half profit to slump as much as 77%, following Covid-19 lockdowns, retrenchment costs and reduced franchise fees.
Credit: Spur Corporation
The restaurant sector has been one of the hardest-hit industries in South Africa as lockdowns, curfews, reduced seating capacity, a ban on the sale of alcohol and weaker disposable income have hammered profits and pushed some out of business.
The owner of the RocoMamas burger chain and Spur Steak Ranches said headline earnings per share (HEPS) for the six months ended 31 December will likely be between 72% and 77% lower than 125.8 cents reported in the prior comparable period.
Earnings for the period were further impacted by costs totalling R11.8m related to a voluntary retrenchment programme undertaken during the period as part of the group's austerity steps against the pandemic, it said.
Its group revenue was further impacted by temporary fee reductions granted to franchisee partners for franchise and marketing fees. These were granted to assist partners through the difficult trading periods from the start of the lockdown in March.
(Reporting by Nqobile Dludla; editing by Uttaresh.V)
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.