However, despite the significant investment from Walmart, the company has continued to flounder, posting a 152% increased headline loss of R903.5-million for the six months to the end of June this year. The group’s total loss inched up 4% to a loss of R1.029-billion from a loss of R1.072-billion last year. Margin and inflationary pressure resulted in trading profit from continuing operations declining from R792.1-million last year to R377.3-million during the period under review.
Referring to the potential entry of Amazon in the local market, Massmart’s chief executive, Mitch Slape says there will be competitors that come and go in the market, but Massmart remains focused on driving its own turnaround. “There is no question that Amazon will intensify competition in the market.
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Walmart Learning some hard lessons about investing in Africa. If they had half decent advisors they would tell them to cut and run rather than throw more good money after bad
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Source: BusinessTechSA - 🏆 24. / 61 Read more »
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