JOHANNESBURG - Retailer Massmart is hoping for improved sales performance in 2018 as the stronger rand, low inflation and lower interest rates look set to lift consumer sentiment and spending.
Commenting on the group’s 2017 annual report, Massmart chief executive Guy Hayward said on Tuesday that while the country’s new political leadership and direction would improve many economic factors, there were still structural, policy and public sector impediments.
“This is undoubtedly South Africa's best shot in recent memory at reinvigorating our own social, economic and political progress and prowess, and restoring our place as a key actor on the continent. We are an excited and proud South African company,” said Hayward. Massmart’s sales for the first 12 weeks of 2018 had been soft, “a trend noted by other participants in South African retail.”
Massmart chief financial officer Johannes van Lierop said Massmart’s total sales for the year ended December 2017 increased by 1percent. “Food and liquor sales were better than those of durable goods,” he said.
- BUSINESS REPORT