Massmart’s annual losses widen knocked by Covid-19 and the July unrest

The original article can be found here.

Article highlights:

  • Massmart was again on the backfoot with ballooning losses as it said its performance for the past year was severely hit by Covid-19 lockdowns and the July civil unrest.
  • In its results for the 52-weeks ending in December 2021, the retailer reported a 65 percent decline in headline earnings per share to a loss of 705.5 cents per share, with a loss for the year of R2.2 billion, from R1.75 billion before.
  • The retailer said it had lost about 110 days of trade due to the liquor sales bans in 2021, resulting in an R1.8bn impact.