Massmart has posted a decline in profit as consumers spent less, the JSE-listed wholesaler said on Thursday.
Headline earnings declined by 5.7 percent, while headline earnings per share fell by 6.2 percent for the 52 weeks ended June 27 2010.
"The environment has been very difficult for the past 24 months, but we have a growing sense of confidence that the worst is behind us."
The 2010 Fifa World Cup had been an exciting, "once in a lifetime experience" for the country and the wholesaler saw an increased spend in its stores over the four-week period of the tournament.
"We estimate this to have been R200 million to R300m of additional turnover, not significant in the year but welcome nevertheless."
Massmart said it was satisfied that it had demonstrated a relative level of resilience, despite the cyclical characteristics of some of its businesses.
"Our decision to continue to invest through the economic cycle should bear fruit in the years ahead." - Sapa