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Johannesburg - Retailer Massmart forecast a fall in its first-half headline EPS and gave a cautious outlook as consumers continued to cut on spending.
The owner of Game and Makro chain stores said on Wednesday total sales for the 21 weeks ended November 22 rose 4.9%, while comparable sales fell 0.7%.
Statistics South Africa said last week retail sales contracted by 5.1% year-on-year in September, a sign that South Africa's consumer spending was still depressed, despite the country exiting a recession with a 0.9% GDP growth in the third quarter.
Massmart, which has a presence in 14 Sub-Saharan African countries, said a stronger rand had also affected its results for the six months end-December.
Excluding outside South Africa sales total sales rose 6.2% and comparable sales were up 0.9% for the 21 weeks ended November 22.
The company said its financial year-to-date sales inflation in the group was 3.4% compared to inflation of 11.5% last year, adding that it was entering a food deflation period.
- Reuters