July 23, 2020 / 10:25 AM / 11 days ago

SA's Spur sees 40% drop in full-year profit, hit by lockdowns

July 23 (Reuters) - South African franchise restaurant chain Spur Corporation on Thursday said it expected full-year earnings to fall by at least 40% because all of its operations in the country were shut during coronavirus-related lockdowns.

The company said South African restaurant sales, which comprise nearly 90% of the group’s total restaurant sales, fell 22.3% for the year ended June 30. It expects headline earnings per share, the main profit measure in the country, to decline by at least 40%.

Reporting by Shanima A in Bengaluru; Editing by Bernard Orr

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