DIVERSIFIED RETAILER
Massmart sales outlook gloomy
Sales for diversified retailer Massmart Holdings in the first five months of this year were disappointing and no noticeable improvement was expected in the local consumer sector for the rest of this year, CEO Guy Hayward told shareholders at the group’s annual general meeting on Thursday. Massmart’s shares slid 6.75% to R110.75 by mid-afternoon on Thursday, back to levels last seen in November 2016. Although Massmart was hopeful in February of a recovery in the sector in the second half of this year, based on positive early indicators, political developments in March and April changed the outlook. Hayward said there was a notable downturn in discretionary purchases after these events, reflecting both weak consumer confidence and underlying economic issues.
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