SPAR projects FY2026 underperformance amid leadership upheaval and operational pressures

South African retail group SPAR has issued a voluntary SENS update forecasting an underperformance for its 2026 financial year compared to 2025. The anticipated decline stems from a combination of macroeconomic headwinds, costly operational missteps, and significant boardroom instability driven by disputes with its retailer guild. The retailer’s market performance reflects these challenges, with SPAR losing approximately R10 billion in market capitalization year-to-date and its share price plumm