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Massmart's profit to miss expectations

August 7 2012 at 04:25pm
By Reuters

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Massmart CEO

Independent Newspapers

Massmart chief executive Grant Pattison. Photo: Simphiwe Mbokazi.

Massmart Holdings, the South African unit of Wal-Mart, said on Tuesday full-year profit likely rose as much as 34 percent, falling far short of market expectations and sending its shares down more than 5 percent.

South Africa's third-largest reatiler by market value said headline earnings per share in the year to end-June likely totalled as much as 579.7 cents, or 34 percent higher than the prior year's 433.3 cents.

Six analysts polled by Thomson Reuters expected the company to deliver 66 percent profit growth.

Shares in the Johannesburg-based company dropped as much as 5.1 percent shortly after the news. By 13:03 SA time, the stock had recouped some of losses to trade 3.2 percent lower at 169.83 cents.

On July 4, the Massmart said full-year sales increased 16 percent to 61.2 billion rand, a touch above analysts' estimate of 61.1 billion rand. - Reuters


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