South African retailer Massmart has reported a 15% increase in half-year revenue, with sales up across its formats.
Massmart, in which US retail giant Wal-Mart Stores owns a majority stake, posted a 15.2% rise in sales to ZAR31.6bn (US$3.92bn) for the 26 weeks to the end of December. Comparable-store sales increased 9.2%.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Sales at its Masswarehouse unit were up 18.4% – or 11.6% on a comparable-store basis. The retailer said sales from its Masscash division grew 16.5% and by 10.9% on a comparable basis.
In November, at Massmart’s AGM, CEO Grant Pattison said he expected Massmart’s sales to be “strong” but said investment in price, growth, capacity and its integration with Wal-Mart “would put downward pressure in operating profit, before foreign exchange translation, in the short term”.
Massmart will report its half-year results on 22 February.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
