Massmart to extend losses

File: The owner of Game and Makro which already took strain last year posted a billion rand loss for that financial year.

File: The owner of Game and Makro which already took strain last year posted a billion rand loss for that financial year.

Wikimedia Commons

JOHANNESBURG - Massmart is one of many retailers that will take a huge knock from the ban on alcohol sales.

President Cyril Ramaphosa prohibited the sale of alcohol with immediate effect.

READ: Impact of alcohol sales ban

The owner of Game and Makro which already took strain last year posted a billion rand loss for that financial year.

The company now says because of the lockdown, it expects its losses to grow by at least 50 percent.

READ: Massmart loses billions due to alcohol ban

Massmart also highlights that it lost just over R2-billion in liquor sales in April and May when the ban was introduced

Massmart was one of the biggest losers on the JSE with the share price closing almost two percent lower in Monday's trade in line with other major retailers.

Source
eNCA