Massmart forecasts annual loss, to reorganise business
JOHANNESBURG – South Africa’s Massmart Holdings on Thursday forecast a loss for the full-year as it battled tough trading conditions in the second half and said it will reorganise four of its businesses into two divisions.
Massmart, majority owned by U.S. retail giant Walmart , expects to report headline loss per share, excluding the impact of adopting accounting standard IFRS 16, between 342.9 cents and 384.5 cents for the year ended Dec. 29.
It reported annual headline earnings per share of 416.5 cents last year. Headline EPS is the main profit measure in South Africa and strips out certain one-off items.