Spar’s annual reports, which have just ben submitted for the year ending April 2024, detail its up-to-date finances and business standing. The report explains that the group now operates 2,204 stores in the UK and that it employs over 40,000 people.
Its turnover for the year was £67.6 million, down slightly on 2023’s figures, and a comparatively slim profit of £158,753 for the year was filed. However, its sights remain set on the convenience channel,
Spar’s retail sales grew by 9.4%, with strategic goals for the future set to focus on delivering competitive costs and quality own brand ranges, designing innovative store formats and offering “compelling promotional plans,” the report says. It goes on to add that the group is committed to growing market share within the convenience sector. New store concepts, a wider chilled and fresh offering and a development of its digital communications were all highlighted as important for the future.
However, factors such as the war in Ukraine and inflationary pressures have hit the figures this year, it also revealed, and it identified the key risks to its business as supplier performance and cost inflation, among others.
The report also went on to explain how the mission to be the ‘Best Place to Work’ was progressing, with plans for staff to have better health and safety rules, greater access to pensions and regular staff surveys all mentioned as contributing factors to this goal.
The full report can be read here.
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