Kampala, Uganda | THE INDEPENDENT | Business seem to be worsening at the retail chain, Uchumi Supermarkets. Latest data shows that the retail chain recorded a 63.5% growth in net losses to US$8.95million for the half year ended Dec 2017 citing reduced sales.
The listed company recorded a net loss of US$ 5.47 million the same period in the previous year. The retails chain’s revenues declined 71.4 % to $5.27 million from $18.5 million similar period in 2016.
However, administrative expenses fell 15.5 % to $10 million. Uchumi has struggled to raise new capital to fund its operations which have been hit by closure of branches and stock-outs.
Since 2015, it has closed 24 out of 40 outlets including exiting the Tanzania and Ugandan market where it had four and six outs respectively citing prolonged periods of loss making.