Sales rise 0.5% to reach R42.5bn
MASSMART, which owns local brands such as Game, Makro and Builder’s Warehouse, reported yesterday that total sales for the half year to June 25 amounted to R42.5 billion, representing an increase of 0.5 percent over the prior comparable period. Comparable store sales decreased by 1.6 percent and product inflation was estimated at 3.2 percent. The company has previously said that the marked differences in the performances of food and non-food categories across the country and in most parts of sub-Saharan Africa, were caused by weak consumer spending, especially on discretionary items, and low consumer confidence. “Consequently at a group level, our total sales growth in food (being food and liquor) is 3 percent and in non-food (being general merchandise, home improvement and cellular) is minus 2.9 percent,” Massmart said. The company said total and comparable sales growths from its South African stores were 1.7 percent and minus 0.2 percent, respectively. There were positive comparable sales growths in Game, Masswarehouse and Massbuild. Massmart’s financial results for the 26 weeks to June 25, 2017, will be released on the Stock Exchange News Service of the JSE on August 24, 2017. Massmart shares gained 0.63 percent on the JSE yesterday to close at R105.94.