Massmart annual loss to widen due to July riots
Walmart-owned Massmart Holdings on Tuesday warned of a bigger annual loss, due to store damages and lost trading income suffered as a result of the July looting.
The retailer said its headline loss per share will be at least 40% worse than the reported headline loss per share reported in 2020 of 426.8c.
Headline earnings includes the impact of the significant inventory write-off as a result of days of looting that erupted in July after former President Jacob Zuma turned himself in to be jailed for contempt of court. The looting directly impacted 43 stores, Massmart added.