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%.
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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.
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