OK Zimbabwe profit plunges 91 percent

Zireva sought to allay fears of imminent basic food shortages amid the ongoing banknote shortage in the country, saying products such as cooking oil, which had started to run out amid panic buying, had started to re-appear on the shelves.

The company, he said, will spend in excess of $5 million towards refurbishments and new store developments.  Two new stores were opened in the year; OK Mart Mutare and OK Zvishavane.

Zireva said instore bakeries, which now total 32 and back off bakeries at eight, will continue to be an area of key focus.

OK management acknowledged the increasingly competitive retail sector, where South African retailer Pick n Pay continues to expand, while Meikles is rolling out its Megastore brand. The entry of Botswana’s Choppies has also eaten into OK’s market share, especially in the low end segment.

Wholesalers-cum-retailers such as N Richards and Metro Peech, as well as informal traders selling basic foodstuffs have also mushroomed over the past few years.

The financials also showed OK cut 491 jobs, nearly 12 percent of its total workforce, in the past financial year. The group now employs 3 690 workers.- The Source

(60 VIEWS)