Massmart says it has not given up on Africa and will continue to invest in its business on the continent. CEO Guy Hayward said that despite the challenges faced by most African economies, there were signs the tide could yet change for the better. Most local retailers have taken a cautious approach to Africa after the region posted its slowest growth rate in two decades in 2016. Hayward said on Thursday that while Massmart had faced headwinds in the six months ended June 25, sales in most of its operations in Africa had grown when measured in local currencies.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now