24 March 2018
'Stubborn' Khupe, Gutu fired from the MDC-T
MDC-T squabbles: national chair resigns
Give ED enough time to deliver-US envoy
ZACC storm as millions of dollars suits pile up
Pari acussed of jobs for wife's relatives
Zimbos sad under Zanu PF govt: report
Chamisa invades Zanu PF strongholds
Zapu swallows Barbara Nyagomo’s PDZ
Ramaphosa calls for single African currency
Moti Group doubles Zim investments
Deported anti-Bob SA band back at Hifa
Grace house arrest play rocks Masvingo
Cricket: UAE shatter Zim WCup dreams
Dynamos coach livid as Epoupua still unpaid
Follow Honourable Eddie Cross's example
Mugabe spoke for the marginalised, but
2018: of humour, fair analysis, healthy race
ZimDiaspora: Bum cleaners, runaway fathers?
TM Supermarkets to open more stores
04/07/2014 00:00:00
by Business Day
Planning to opne four new mega supermarkets ... John Moxon
TM refurbishments to take 5 years, MD
TM Supermarkets boss shown exit door
TM Supermarkets set for US$25m upgrade
Meikles plans US$2m Jaggers revamp
Imports leave retailers in the lurch
SA chain ups TM stake, rebrands

LOCAL retailer TM Supermarkets will open more stores in the next financial year (2015), Meikles Limited group chairman John Moxon said on Wednesday.

Meikles owns 59% of TM Supermarkets.

The addition of four stores under the Meikles Mega Market stores portfolio will add to TM’s chain of 53 supermarkets, which it runs nationwide, and will narrow the gap behind its main rival, OK Zimbabwe, which has 59 stores.

Moxon said the increase of supermarkets from 49 in March last year to 53 had increased trading space 10% to 55,000m².

"Their impact on turnover and profitability will be felt in the ensuing financial period.

"Post the end of the financial year, five additional new sites have been secured for development in the 2015 and 2016 financial years, with the potential of increasing the trading space by more than 18%," said Moxon.

In its latest results, Meikles — a diversified group with interests in retail, hotel, agriculture and mining — posted an after tax profit of $37m for the year ended March, up from $6.5m the prior year largely due to a leap in non-trading income.

Non-trading income for the period rose to $48.8m during the period under review from $9.7m last year.

In terms of performance, TM supermarket’s turnover fell to $334m from $336m, while customer count throughout the store footprint increased 8% compared to the prior year.

The Meikles Mega Market stores, which began operations last December, contributed just more than $2m in turnover during the period under review.

Moxon said progress had been made in restructuring its departmental stores. The number of such stores was reduced to five from 12 last year. As a result, turnover from department stores fell to $12.5m from $18.5m during the same period last year.

Meanwhile, Moxon said the group would also expand its mining portfolio and acquire a 51% controlling stake in various gold mines dotted across Matabeleland province at a cost of $3m.

The group also expects to recover $89m owed to it by the Reserve Bank of Zimbabwe at the end of this month.

"Intense negotiations with the ministry of finance and economic planning are in progress with an intention to facilitate access to these funds by the end of July 2014," Moxon said.

"All parties to the discussions believe that this timetable is realistic," he added.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker