A sales update from Massmart has revealed so-so results, but in these trying times that’s just a couple of notches down from a howling success.
Sales were up 7,7% to R91,3-billion in the 52 weeks to 25 December, ahead of product inflation of 6,7%, but down from market expectations, and from last year’s performance (growth of 8,4% against product inflation of 3%).
Masswarehouse – that’s Makro to the rest of us – grew fastest, at 11%, while Masscash (Cambridge, Jumbo and so on) grew at 7,5%, although this was beaten down by internal inflation of 9,3%.
Massdiscounters (Game, DionWired) came in at 5,3%, while Massbuild somewhat disappointingly trundled home at 5,6%.
While there was an uptick in sales at home, they declined elsewhere, vindicating the decision to take it easy in Africa.
Source: Trade Tatler