Massmart full-year sales top R61bn
Jul 5th 2012, 09:50
Johannesburg - South African discount retailer Massmart Holdings [JSE:MSM] reported a 16% rise in full-year sales on Wednesday, a touch above analysts' estimates, boosted by the inclusion recently acquired stores.
Massmart, majority owned by Walmart Stores, said in a trading statement that sales totalled R61.2bn in the 52-weeks to June 24, slightly beating the R61.1bn in a consensus estimate of 10 analysts polled by Reuters.
The company finalised the purchase of 14 outlets of South African unlisted grocer Rhino Cash & Carry in March, to help it challenge dominant food retailers such as Shoprite Holdings [JSE:SHP] and Pick n Pay Stores [JSE:PIK].
Massmart, which will release its full year-end result on August 22, said all four of its divisions posted double digit sales growth with its wholesale Makro business adding 20.%.
Its Massdiscounters units that comprise its flagship Game stores grew sales by 16.5%, while its building materials unit lifted sales by 13%.
Massmart shares, which have hardly moved so far this year, were up 0.73% at R171.61, valuing the company at $4.6bn.
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