Massmart described the trading environment as difficult‚ given South Africa's weak consumer environment. Total sales increased 10.2% from the year-earlier period to R35.7bn. Comparable stores sales growth was 7.1%‚ with product inflation of 4.8%.
With the exception of Game SA‚ the group achieved most of its objectives. Two divisions - Massbuild and Masscash - grew trading profit ahead of sales‚ while Makro's growth in trading profit was slightly below sales growth due to new stores in the year-earlier period.
Massdiscounters was compromised by continued soft sales in Game SA‚ resulting in significantly lower trading profit compared with the year-earlier period.
Higher net interest paid from funding several property acquisitions and an adverse movement in foreign exchange resulted in headline earnings decreasing by 25.5%‚ while headline earnings declined by 5.7%‚ excluding foreign-exchange movements‚ the group said.
Total operating expenses (excluding foreign-exchange movements) increased by 11.3%‚ with comparable operating expenses increasing by 7.7%. Employment costs‚ the group's largest cost category‚ increased by 12.9%.
Source: Business Day
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
