Johannesburg - South African discount retailer Massmart
Holdings [JSE:MSM] reported a 16% rise in full-year sales on Wednesday, a touch
above analysts' estimates, boosted by the inclusion recently acquired stores.
Massmart, majority owned by Walmart Stores, said in a
trading statement that sales totalled R61.2bn in the 52-weeks to June 24,
slightly beating the R61.1bn in a consensus estimate of 10 analysts polled by
Reuters.
The company finalised the purchase of 14 outlets of South
African unlisted grocer Rhino Cash & Carry in March, to help it challenge
dominant food retailers such as Shoprite Holdings [JSE:SHP] and Pick n Pay
Stores [JSE:PIK].
Massmart, which will release its full year-end result on
August 22, said all four of its divisions posted double digit sales growth with
its wholesale Makro business adding 20.%.
Its Massdiscounters units that comprise its flagship Game
stores grew sales by 16.5%, while its building materials unit lifted sales by
13%.
Massmart shares, which have hardly moved so far this year,
were up 0.73% at R171.61, valuing the company at $4.6bn.