HOLIDAY TRADING
Massmart sales slump signals tough times ahead
The Easter break hits the group’s sales performance
Consumers spent less in Massmart’s comparable stores in the first quarter of 2017, a trend that could continue into the rest of the year due to the constrained economic environment. In the 13 weeks to March 26 total sales growth was 0.5% compared with the year-earlier period, Massmart said in its integrated annual report. Like-for-like sales decreased 1.7%. Massmart said that given its large wholesale businesses, the group’s sales performance in the period was adversely affected by Easter falling in April 2017 compared with March of 2016. The group noted that its integrated report was finalised a day after President Jacob Zuma reshuffled his cabinet. "This development may increase policy uncertainty in SA, potentially with negative consequences for the economy, and thus it is extremely difficult currently to provide any useful short-to medium-term economic or performance outlook," the group said. The picture was especially dismal outside SA. Africa’s second-largest distributor of co...
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