Massmart reports R1.7bn loss

File: Massmart, the owner of Game and Makro. Wikimedia Commons

JOHANNESBURG - Massmart has reported a full-year loss of R1.7-billion as COVID-19 restrictions choked the group.

The owner of Game, Makro, and Builders Warehouse also incurred R132-million in retrenchment costs.

The group which has again held out on a dividend will be selling its non-performing Cambridge Food, Rhino, and Massfresh stores.

Together those stores employ 7,000 workers.

Total Massmart sales for the year to end December fell 7.7-percent.

But the group says cost-saving initiatives paid off, with a slight decline in operating expenses in 2020.

It also reported a healthy bump in online sales for many of its businesses

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