Wednesday 3 June, 2020

Jamaican Teas sells supermarket

Jamaican Teas Limited (JAMT) has advised that it has entered into an agreement for the sale of JRG Shoppers Delite Enterprise Limited, a subsidiary of Jamaican Teas, currently operating in Savanna-la-Mar under the name ‘Shoppers Delite’.

The company listed October 31, 2016 as the effective sales date, according to a notice on the sale posted to the Jamaica Stock Exchange (JSE).  JAMT operated three supermarkets, but only the one in Kingston made consistent profits. Sales at the other ventures were increasing but not in line with expectations.

"Our joint venture supermarket operation in Montego Bay however, has not registered any improvement, our supermarket in Savanna-la-mar has not delivered the results expected, while the one in Kingston has continued to generate profits," stated JAMT in its latest annual report. 
 
During the 2015 financial year, the company acquired the remaining minority interest in JRG Shoppers Delite Enterprise Limited. This subsidiary operates two supermarkets, one in Kingston and another in Savanna -la - Mar. 
 
Sales at these supermarkets increased by six per cent from $491 million in 2014 to $519 million this year. The improved profits for the fully-owned supermarkets arose primarily from the increase in sales and lower cost associated with inventory shrinkage and losses. 

Get the latest local and international news straight to your mobile phone for free: