Retailers Woolworths and Massmart are both scheduled to release results on Thursday. In contrast to Shoprite — which on Tuesday reported headline earnings per share (HEPS) rose 12% — both are expected to report earnings declines.Woolworths warned shareholders on July 13 it expected to report headline earnings per share (HEPS) for the 52 weeks to June 25 declined by as much as 10%.Its South African food sales grew 8.6% while clothes sales grew 1.4%. Profitability suffered because food sales barely outpaced inflation of 8.4%, while clothes sales were overtaken by 6.6% inflation.Australian subsidiaries Country Road and David Jones grew sales by 5.1% and 1% respectively in Australian dollars.Walmart’s South African subsidiary Massmart has not issued a trading statement as would be required if its earnings differed by more than 20%.But Massmart did say in a sales update for the 26 weeks to end-June that its interim earnings on Thursday would show total revenue grew 0.5% to R42.5bn.Exclud...

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