Retailers report exciting results off good festive season trade

Johannesburg -Retailers Woolworths and Massmart have separately reported excellent results on Thursday, as South Africa's retailers come off a strong festive season.

Woolworths [JSE:WHL] expects first-half profit to increase by 25% to 35% year-on-year with sales also forecast to rise, the company said in a trading update on Thursday.

Woolworths said that without including the impact of David Jones, whose acquisition was effective in August 2014, group sales grew by 12.3%.

Woolworths will publish its half-year results on February 11.

Massmart [JSE:MSM] said on Thursday its full-year sales rose by 8.4% to R84.7bn.

The continent’s third retailer said comparable store sales jumped by 6.7%. South Africa’s retailers have largely benefited from strong festive season sales.

The Walmart-controlled firm is due to publish its interim results on February 25.