Retailers report exciting results off good festive season trade
Retailers Woolworths and Massmart have separately reported excellent results on Thursday, as South Africa's retailers come off a strong festive season.
Woolworths expects first-half profit to increase by 25% to 35% year-on-year with sales also forecast to rise, the company said in a trading update on Thursday.
Woolworths said that without including the impact of David Jones, whose acquisition was effective in August 2014, group sales grew by 12.3%.
Woolworths will publish its half-year results on February 11.
Massmart said on Thursday its full-year sales rose by 8.4% to R84.7bn.
The continent’s third retailer said comparable store sales jumped by 6.7%. South Africa’s retailers have largely benefited from strong festive season sales.
The Walmart-controlled firm is due to publish its interim results on February 25.
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