Uchumi narrows losses

Uchumi narrows losses

Kampala, Uganda | THE INDEPENDENT | Retail chain, Uchumi Supermarkets posted a 39 % improvement in its loss position in the financial year ended June citing improved cost management.

The retailer recorded a Kshs 1.7 billion loss after tax during the year, compared to a Kshs 2.8 billion in the previous year. Its net sales dropped 60 % to Kshs 2.6 billion.

“Despite the suppressed business in the current and past financial year, the company recorded improved margins,” Uchumi said in a statement published on Nov. 15.

The company’s auditors gave it an unfavourable opinion since they could not conclusively compare last year’s financial record to the previous year following the retails exit in Uganda and Tanzania.

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