Massmart interim sales up 9.1% but outlook downbeat
Massmart, a subsidiary of US Wal-Mart, saw its sales rise 9.1% to R38.9-billion in the six moths to June as it increased floor space in South Africa and the rest of the continent, the company said in a statement on Thursday.
The mass retailer — owner of Game, Makro and Dion Wired — said it expected poor conditions in South Africa over the next 12 to 18 months due to rising interest rates and poor conditions in the rest of Sub Saharan Africa.
During the period, the group opened six stores to bring their total to 398 stores and increasing trading space by 0.8% to 1.5-million square metres. Gross Margin was up by 0.3% to 18.9%.
The company said one of its strategic priorities has been to grow the core South African business and expand into the food and fresh format at its existing stores. This has seen Game Stores increase its food offering.
“Although we are making good progress in this regard, we are constrained by the short-term trading environment,” the group said in a statement.
The group also has ambitions of expanding into the rest of Africa, where it can take Game, Builders Warehouse or Cash and Carry to attract middle to low end customers.
The group said it anticipated to open eight new stores over the next two years and grow space by 21.9%.
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