Uchumi Supermarkets sees full-year sales up a third
Posted Friday, June 22 2012 at 10:32
Kenyan group Uchumi Supermarkets expects sales to rise a third to 16 billion shillings ($191 million) in its 2011/12 year ending this month.
"(In) the coming financial year we expect our sales to increase by another 4 billion shillings, driven by the maturity of the greenfield branches we have opened," chief executive Jonathan Ciano also told Reuters.
Ciano, who revived the company after it was shut down for a month in mid-2006 due to insolvency, said Uchumi was benefiting from new outlets.
"In Uganda we opened three (stores), Tanzania one and in Kenya two," Ciano said, adding that another store would be opened in Kenya within the next week.
The company was looking to expand into new geographical markets within the east African region, he said
Uchumi, whose shares are some of the top-performing on the Nairobi bourse this year, posted a 26 per cent jump in first-half pretax profit to 204 million shillings.