TM Supermarkets sales up 38, 5%; three new stores on cards

Spread the love

TM Supermarkets, trading as TM and PnP, have seen unit sales growing by 38, 5% amid plans to roll out three new stores in the immediate future.

Presenting the group’s performance for six months ended September 30, 2022, Meikles Limited’s Chairman, John Moxon said performance of the establishment was satisfactory.

“Units sold grew by 38,53% during the first quarter of the period under review. In the last quarter, units sold declined by 4,40%, reducing the overall growth for the six months to 15,46%.

“Revenue for the period was ZW$127,8 billion . In historical cost terms, revenue grew by 414% to ZW$94,2 billion from ZW$18,3 billion in the previous year,” he said.

Moxon said the measures introduced by the authorities to curb rising inflation starved the economy of ZW$ liquidity leading to reduced consumer spending.

The unit’s Profit before tax for the period amounted to ZW$8,2 billion, compared to ZW$5,1 billion achieved in the previous period while in historical cost terms, profit before tax grew by 507% to ZW$10,1 billion up from ZW$ 1,7 billion in the previous period.

“The segment opened a new store in Harare during the period under review. In addition, the refurbishment of the Triangle Store was completed. Work is under way on three new stores that are expected to come on stream during the first quarter of next year,” said Moxon.

Overall Meikles Limited group revenue grew to ZW$129,3 billion representing a 70% increase for the period under review due to a 15,46% increase in units sold, combined with price adjustments at the supermarkets segment.

Profit before tax for the period increased by 10% to ZWL8.2 billion (Last year: ZWL7.5 billion), translating to a profit margin of 6, 34%.