Massmart FY net loss widens

South Africa’s Massmart reported on Monday a wider full-year net loss of R1.753 billion ($114.18 million) after curbs related to the Covid-19 pandemic hammered sales and as the retailer incurred retrenchment costs.

Massmart, majority owned by Walmart Inc, said the net loss for the 52 weeks ended December 27 widened by 35.3% from a restated net loss of R1.269 billion a year before.