Massmart profit rises as food sales grow | Fin24
 
  • Medical Schemes

    SA’s three biggest have announced their price hikes – here’s how they compare.

  • Warning

    'Make sure you have enough money on Thursday,' says banking union as thousands threaten strike.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Massmart profit rises as food sales grow

Aug 25 2016 08:49
Liezel Hill
This Walmart store in Chinatown, Los Angeles, is o

This Walmart store in Chinatown, Los Angeles, is one of seven Walmart stores in Southern California and 269 stores across the globe that will close down due to company restructuring. (AFP)

Company Data

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 44
Change -3
% Change -6
Cumulative volume 492955
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Walmart to test grocery delivery through Uber

Walmart lifts retail shares as US stocks retreat

Walmart sues Visa over chip cards in US

Walmart cuts growth forecast as currency hampers sales

Walmart’s Asda unveils more price cuts

Walmart tops earnings estimates, CEO pursues shift

 

Johannesburg - Massmart Holdings [JSE:MSM], the South African retailer controlled by Wal-Mart Stores, said first-half profit rose 19% as increased food and liquor sales offset slower growth in its general merchandise and DIY offering.
 
Earnings excluding one-time items rose to R321m from R269m a year earlier, the Johannesburg-based company said in a statement on Thursday. Sales increased 8.7% to R42bn.

Weaker economic growth and the effect of the weaker rand on the price of imports “severely constrained consumers’ discretionary spending on durable goods,” the company said.

Food and liquor sales growth accelerated with factors including and lower pricing than competitors, it said.
South African retailers have wrestled this year with challenges including weak domestic consumer confidence and rising interest rates, as economic growth stalls.

"We anticipate that this situation will make trading for the remainder of 2016 difficult," Massmart said.

Wal-Mart, based in Bentonville, Arkansas and the world’s largest retailer, bought a controlling stake in Massmart in 2011 to take advantage of African growth.

Read Fin24's top stories trending on Twitter:

massmart  |  wal-mart  |  earnings reports  |  retail
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...