South African retailer Massmart Holdings has posted a near 16% increase in annual sales on the back of robust underlying sales and the acquisition of stores owned by local cash-and-carry rival Rhino.
Massmart, in which Wal-Mart Stores owns a majority stake, yesterday (4 July) reported a 15.5% rise in sales to ZAR61.2bn (US$7.53bn) for the year to 24 June.
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The retailer said comparable-store sales increased 9.5%, with its Makro wholesale and Masscash cash-and-carry stores seeing like-for-like sales both up 11.6%. It noted the December acquistion of Rhino boosted total sales at Masscash, which increased 16.5%.
Massmart will publish its full financial results on 22 August. In February, Massmart reported a 13.7% increase in half-year earnings.
The company is looking to drive growth across South Africa and the wider continent. In May, CEO Grant Pattison was given the specific task of expanding Massmart’s presence across Africa.
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By GlobalData
