|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||3.9500 - 3.9500|
|52 Week Range||2.5200 - 7.1000|
|Beta (5Y Monthly)||1.14|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 13, 2018|
|1y Target Est||N/A|
South Africa's Massmart expects its half-year loss to increase at least 50% because of a substantial hit from a nationwide lockdown on sales, the retailer said on Wednesday. Massmart, majority owned by Walmart, said it expected its headline loss per share in the 26 weeks to June 28 to be at least 182.4 cents worse than the year earlier loss of 364.7 cents. Headline earnings per share is the main profit measure in South Africa.
South African retailer Massmart said on Monday sales in the 19 weeks to May 10 fell 11.9%, hit by a five-week coronavirus lockdown that prevented the company from selling most of its general merchandise, home improvement and liquor products. Group sales for the 19 weeks ended May 10, when restrictions were partially lifted, fell to 28.2 billion rand ($1.53 billion) compared with the same period last year, Massmart, majority owned by Walmart said in a statement. Comparable store sales were 12.1% lower than last year, with comparable sales from South African stores falling 13.2%.
Massmart's new chief executive Mitch Slape said on Wednesday he was not ready to let the firm's Game department chain fail as the South African retailer undergoes a turnaround plan aimed at cutting costs and boosting profit and margins. Slape, a Walmart veteran who took over the top job in September, announced a turnaround strategy in January that will see Massmart exit poor performing categories such as fresh and frozen food and re-introduce basic apparel such as shirts and socks at its Game stores. Majority owned by U.S. giant Walmart, the retailer is also looking at improving stock availability, accelerating clearance of aged stock, re-negotiating rental leases, reducing promotions and introducing new offerings in Game.