Massmart recorded muted growth for the year to December as it battled a weaker economy and stronger rand. In a trading update, Massmart said total sales for the 53 weeks to December 2017 increased 2.7% from 2016 to R93.7bn. Total sales for 2017 grew 1% to R92.1bn in the 52 weeks to December but comparable store sales dropped 0.8%. The retailer is the second-largest distributor of consumer goods in Africa, operating in 13 countries in sub-Saharan Africa through the group’s four operating divisions. A tough trading environment characterised by weak economic growth and a stronger rand cut the retailer’s growth. Like many other retailers operating in SA in 2017, the effects of reduced consumer spending affected the business. The company’s South African stores went up 1.8%, while comparable store sales in the country declined 0.2%. Retail sales in SA contracted in the first months of 2017, weighed down by consumer confidence sliding to record lows in 2017 as political uncertainty and inf...
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