Massmart forecasts annual loss, plans to reorganise business

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Massmart Holdings on Thursday forecast a loss for the full year as it battled tough trading conditions in the second half and said it would reorganise four of its businesses into two divisions.

Massmart, majority owned by US retail giant Walmart, expects to report headline losses per share, excluding the impact of adopting the International Financial Reporting Standard 16 of accounting between 342.9 cents and 384.5 cents for the year ended on December 29 2019.

Massmart said it would simplify its operations by reorganising its wholesale, warehouse, hardware and discount store businesses into two divisions – wholesale and retail.

 

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