Uchumi Supermarkets has announced a net loss of Sh. 2.8 billion for the 2016 year.
This was a 17 per cent improvement from the Sh. 3.4 billion the retailer announced in the 2015 financial year.
Net sales declined to Sh6.4 billion from Sh12.9 billion in 2015, with the cost of goods sold falling to by close to 50 per cent to close at Sh5.5 billion. This was from Sh10.8 billion a year earlier.
Uchumi’s deteriorating performance saw it sink into a Sh2 billion negative equity in 2016 from a positive Sh739.3 million a year earlier
“The group lost control of the subsidiaries in Uganda and Tanzania in October 2015. The short term effect to June 2016 was the decline in revenues,” Uchumi said in its consolidated income statement.
