Uchumi Supermarkets expects profits to fall by more than a quarter

NAIROBI: Uchumi Supermarkets has issued a profit warning for the year ended June with the struggling retailer projecting a 25 per cent drop in earnings. The retailer booked a net profit of Sh536 million last year, a figure that has been contested by some directors as having been padded by past management including its fired chief executive Jonathan Ciano.

“The Board of Uchumi Supermarkets Limited currently forecasts that earnings for the financial year ending June 2015 will be lower than those recorded in 2014 by at least 25 per cent,” indicated the firm in its regulatory filings yesterday.