Massmart withholds dividend again after Covid-19 sales hit
Restrictions on goods, including tobacco and alcohol, cost the Walmart-owned group an estimated R6.1bn
Massmart, owned by the world’s largest grocer, Walmart, estimates Covid-19 cost it R6.1bn in lost sales in its 2020 year, as it once again holds on to its dividend as it battles to turn around some of its unprofitable businesses.
Total sales for the year ended December 27 fell 7.7% to R86.5bn, with the group grappling with shifting consumer behaviour and Covid-19 restrictions, which weighed on its ability to sell certain products, such as alcohol and tobacco...
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