Walmart deal hits Massmart profit
Fin24 - Jul 25th 2011, 09:53
Retail group Massmart Holdings said on Monday it is expecting headline earnings per share of between 397c and 442.4c for the 52 weeks to June 26 2011.
This is compared with HEPS of 567.2 cents for the previous comparable period.
HEPS before the Walmart costs are expected to be between 595.6c - 640.9c.
Headline earnings are expected to be between R808.5m and R899.6m versus R1.139bn, or between R1.207bn and R1.298bn before the Walmart costs.
Basic EPS of 377.1c to 422.1c are expected versus 562.8c previously.
Massmart said the costs associated with the Walmart transaction included the creation of the R100m Supplier Development Fund.
"Greater detail will be provided with release of Massmart's reviewed preliminary financial results for the 52 weeks to 26 June 2011 but many of the costs are not tax deductible and a portion of these are non-cash items," it stated.
Massmart's reviewed preliminary financial results for the 52 weeks to June 26 2011 will be released on August 25 2011.
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