Massmart full-year sales increase

Johannesburg - Retailer Massmart Holdings [JSE:MSM] reported a more than 10% rise in full-year sales on Wednesday as its building materials and home improvement business delivered a better performance.

Massmart, majority owned by Wal-Mart Stored, said sales rose 10.4% to R78.2bn in the 52 weeks to December 28. Sales climbed 10% a year earlier.

Industry-wide retail sales in South Africa rose 3.4% year-on-year in October, data showed last month, above the 2% growth economists polled by Reuters had expected.

Sales in Massmart's Massbuild brand were up 14.6%.

Johannesburg's general retailers index jumped about 17% in 2014, recovering from an 11% plunge the previous year.

The company's shares fell 0.33%, outperforming the 1.89% decline of the broader All-share index.

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