Wal-Mart coming to SA

source: Fin24
Feb 26 2010 06:15
Andile Makholwa

Johannesburg – After a “stormy” first half, general goods retailer Massmart Holdings has expressed hopes for a turnaround, saying it expects a rise in second-half profit thanks to improving consumer spending and the effects of trading space rollout.

The group has also confirmed that Wal-Mart will enter SA.

Delivering interim results for the six months to end-December, Massmart CEO Grant Pattison said trading conditions in South Africa have improved over the past eight weeks. The group expects to see recovery in gross margins and profit growth in second-half trading.

That was after the group – whose brands include Game, Dion Wired, Makro and Builders Warehouse – reported a 19.9% fall in headline earnings per share and a 15% decline in operating profit (after foreign currency realisations) over the [continue reading]

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