Economics
Wal-Mart’s South Africa Unit Profit Rises as Food Sales Grow
- Massmart sees tough second half, potential for better 2017
- Retailer plans to open five new stores outside South Africa
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Massmart Holdings Ltd., the South African retailer controlled by Wal-Mart Stores Inc., said first-half profit rose 19 percent as increased food and liquor sales offset slower growth in its general merchandise and home-improvement businesses.
Earnings excluding one-time items rose to 321 million rand ($23 million) from 269 million rand a year earlier, the Johannesburg-based company said in a statement on Thursday. Sales increased 8.7 percent to 42 billion rand and the company reduced the half-year dividend by 49 percent to 74.1 South African cents.