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Johannesburg - South Africa's biggest general retailer Massmart posted a 10.4% rise in 52-week sales, boosted by higher prices and adjusted to exclude an extra week the previous financial year.
The company said on Wednesday sales in the 52 weeks to June 28 totalled R43.1bn, an increase of 8.2% on a comparable stores basis. Compared with last year's 53-week period, sales rose 8.45.
The rise was driven largely by product inflation of 11.4 percent.
Massmart shares edged up 0.5%, lagging a 1% firmer JSE general retailer index.
The company, which owns the Game general merchandise stores and Makro discount chain, said sales growth had slowed due to a change in the way wholesale cigarettes are sold, which reduced revenue at its Masscash division by about 4.9%.
Massmart has been hit by an economic slowdown like other retailers, but initially won some market share from rivals as cost-conscious consumers opt to shop at its cheaper stores.
Sales at the Massdiscounters unit rose 10.6%, or 8.9% on a comparable basis. The Massbuild DIY chain continued to struggle, with growth of 0.7% or a fall of 3.7% on a comparable basis due to a slide in the residential property market.
- Reuters