August 27, 2021
JOHANNESBURG (Reuters) – South Africa’s Massmart said on Friday its half-year headline loss shrunk by 40.8%, thanks to rising sales even amid fresh rounds of COVID-19 restrictions and good expense control.
The Walmart majority-owned retailer said its headline loss from total operations narrowed to 645.4 million rand in the 26 weeks to June, from a loss of 1.09 billion rand in 2020. From just continuing operations, the loss came down by 56.8%.
Massmart’s total sales rose by 4.4% to 41.3 billion rand ($2.77 billion).
($1 = 14.8856 rand)
(Reporting by Nqobile Dludla; Editing by Christian Schmollinger)