S.Africa's Massmart reports higher FY sales - CNBC Africa

S.Africa's Massmart reports higher FY sales


by Reuters 0

South African retailer Massmart Holdings Ltd reported a more than 10 per cent rise in full-year sales on Wednesday. PHOTO: Massmart

This is as its building materials and home improvement business delivered a better performance.

[DATA MSM:Massmart], majority owned by Wal-Mart Stored Inc, said sales rose 10.4 per cent to 78.2 billion rand in the 52 weeks to 28 December. Sales climbed 10 per cent a year earlier.

Industry-wide retail sales in South Africa rose 3.4 per cent year-on-year in October, data showed last month, above the 2 per cent growth economists polled by Reuters had expected.

Sales in Massmart's Massbuild brand were up 14.6 per cent.

Johannesburg's general retailers index jumped about 17 per cent in 2014, recovering from an 11 percent plunge the previous year.

The company's shares fell 0.33 per cent, outperforming the 1.89 per cent decline of the broader All-share index.