VENTURES AFRICA – South African retail giant Massmart Holdings Ltd reported a 16 percent rise – a figure higher than experts predictions - in its full-year sales on Wednesday.
According to Massmart representatives, the increase is due to the inclusion of stores the discount retail company recently acquired.
In a trading statement released on Wednesday, Massmart total sales slightly surpassed the consensus agreement of 10 Reuters experts by about 100 million rand ($6 million) in the 52 weeks to June 24.
In March 2012, Massmart completed the acquisition of 14 Rhino Cash & Carry shopping outlets of South African unlisted grocer in March.
The acquisition is intended to help the company challenge popular food retailers such as Shoprite Holdings and Pick n Pay Stores.
The complete full-year earnings report of Massmart is expected to be released on August 22.