{Kenya’s Uchumi Supermarkets said on Monday that profit before tax in the year to June fell 7 percent, blaming competition and supply challenges in Uganda and the cost of investment in new branches in Kenya and Tanzania.}<\/p>\n
It reported profit before tax of 452.7 million shillings ($5.11 million) compared with 485.9 million shillings a year ago, and posted earnings per share of 1.45 shillings against 1.35 shillings last year.<\/p>\n
It said total group sales grew less than 1 percent to 14.46 billion shillings, pointing to Uganda where it said sales growth fell 12 percent due to strong competition and supply chain challenges. <\/p>\n
It said it could move some outlets to better locations this year.Tanzania sales grew by 10 percent, while Kenya registered a 2 percent growth in sales, the firm said, adding that new branches took the total supermarket network in financial 2013\/14 to 27 in Kenya, four in Tanzania and six in Uganda.<\/p>\n
The firm’s shares trade in Kenya, Rwanda, Uganda and Tanzania.The firm said it expected business to grow, prompting the board of directors to recommend a dividend of 0.30 shillings per ordinary share.<\/p>\n
($1 = 88.5500 Kenyan shilling)<\/p>\n
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