Business / Companies
OK Zimbabwe predicts doom and gloom
14 Nov 2014 at 14:13hrs | Views
Zimbabwe's largest retailer, OK Zimbabwe does not expect an improvement in the operating environment in the March full year as performance will be affected by the fragile economy.
Reflecting on weakening consumer spending in the economy CE Willard Zireva told analysts yesterday that after revenue in the half year to September dropped 4.8% to $232.1 million, the group would have to do its best to maintain its market share in the face of harsh economic fundamentals and competitions.
"Customers are struggling and in my view almost every business is going to see a reduction in revenue. Unless and until government focuses on getting the economy to work, business is going to continue going down."
"We don't see anything at the moment that will spur business growth so activity will be subdued even up to the close of the financial year in March 2015," he said.
He said the company would continue to maintain its market share despite entrance of new players such as Meikles Mega Stores and Botswana's Choppies, which has opened branches in Bulawayo and is planning to expand into Harare.
Reflecting on weakening consumer spending in the economy CE Willard Zireva told analysts yesterday that after revenue in the half year to September dropped 4.8% to $232.1 million, the group would have to do its best to maintain its market share in the face of harsh economic fundamentals and competitions.
"Customers are struggling and in my view almost every business is going to see a reduction in revenue. Unless and until government focuses on getting the economy to work, business is going to continue going down."
"We don't see anything at the moment that will spur business growth so activity will be subdued even up to the close of the financial year in March 2015," he said.
He said the company would continue to maintain its market share despite entrance of new players such as Meikles Mega Stores and Botswana's Choppies, which has opened branches in Bulawayo and is planning to expand into Harare.
Source - online
