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S.Africa’s Massmart flags annual loss to widen at least 60% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A worker arranges fruit on shelves at Makro Store Riversands, South African retailer Massmart, Midrand (South Africa), August 28, 2019. REUTERS/Siphiwe Sibeko

(Reuters) – South African retailer Massmart Holdings reported Friday a larger annual loss. This was due to store damage and lower trading income as a result of looting during civil unrest last year.

Walmart (NYSE.) Inc is majority owner of the retailer. It expects that its headline loss per share in 2021, which will be the main profit measurement in South Africa in 2019, will range between 684.2 and 726.8 Cents. This figure should at least 60% higher than the 426.8cents loss reported in 2020.

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