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Spar Group Ltd (SPPJ.J): Poor control of opex driving large EBIT miss in SA-20260610
Citi· 2026-06-10 15:10
Flash | Ireland -Solid performance, although slightly softer than u est, — Sales grew by 2.2% slightly softer than our 3.0%, but GPM grew 4.1% highlighting GPM expansion which we think is notable. Operating profit came in slightly softer than our est at EUR 25m at a margin of 2.9% vs our 3.3%. Net finance costs in Ireland declined 22.8% to EUR 3.8m lower than our EUR 5m. Therefore PBT was EUR 21.1m slightly softer than our EUR 22.7m. Outlook — Trading in SA over the first two months (April/May showing encou ...