Massmart expects interim drop

Excluding foreign exchange translation amounts in both periods however, headline earnings and HEPS are both expected to be between 6% and 14% lower than previously.

Earnings and earnings per share for the 26 weeks are both expected to be between 16% and 24% lower.

Massmart said its total sales for the 26 weeks to 27 December 2009 increased to R24bn, representing growth of 5.6% over the prior period, with year-to-date inflation estimated at 1.6%.

Comparable store sales declined by 0.5%, it said.

Excluding African sales from both periods, Massmart's total sales and comparable store sales grew by 7% and 1.2% respectively.

Total sales growths for each Division for the 26-week period, and the year-to- date inflation rates, were as follows:

• Massdiscounters grew by 0.5% with inflation of 0.5%;
• Masswarehouse grew by 1.5% with inflation of 5.1%;

• Massbuild grew by 4.6% with inflation of 2.7%; and
• Masscash grew by 13.0% with deflation of 0.4%.

The group said its reviewed interim financial results for the 26 weeks to 27 December 2009 are to be released on February 25, 2010.