Massmart withholds dividend as it swings into R1.3bn loss
and Game, swung into a R1.3bn loss in its year to end-December, withholding its dividend as SA’s financially constrained consumers switched to lower-margin goods.
The group has opted not to declare a dividend, also reporting R229.5m in writedowns as it moves to close loss-making stores. The group’s results were also affected by accounting changes that bring leases onto the balance sheet, and excluding that, the company's loss for the period was R861m. That division’s trading profit plummeted to a loss of R674m, from profit of R32.6m previously, with the group saying comparable store sales contracted 2.1%. This excludes the effects of accounting changes.s four divisions would be reorganised into two business units from February.Massmart Wholesale will take in Makro, Shield and the group’s wholesale cash brands.
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