Massmart warns of bigger half-year loss due to lockdown
JOHANNESBURG – South Africa’s Massmart expects its half-year loss to widen at least 50% because of a substantial hit to its sales from a nationwide coronavirus lockdown, the retailer said on Wednesday.
The company, majority owned by Walmart, was already struggling as consumer finances come under strain in South Africa and reported its first trading loss in two decades in August last year.
It said on Wednesday that the nine-week-long strict lockdown this year cost it 4.6 billion rand ($267.08 million) worth of sales, pushing total sales 10.3% lower in the 23 weeks ended June 7 despite some pent-up demand as stores re-opened.
Source: iol.co.za
