Reuters: Global Markets: South Africa's Massmart fall over three percent after sales update

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

South Africa's Massmart fall over three percent after sales update Apr 22nd 2013, 16:22 JOHANNESBURG | Mon Apr 22, 2013 12:22pm EDT JOHANNESBURG (Reuters) - Shares of South African retailer Massmart (MSMJ.J) tumbled more than 3 percent on Monday, after the Wal-Mart (WMT.N) unit warned it may fall short of its profit target this year, squeezed by weak consumer spending. Massmart, the country's No.2 retailer by value, said sales increased 10.3 percent in the 14 weeks to end-March adding growth may be under pressure for the rest of its fiscal year. "If the current sales trends continue, it will be difficult to meet our objective, which is to achieve trading profit growth equal to sales growth," it said in a statement. Shares in Massmart slid 3.3 percent to 191.99 rand, booking their biggest daily percentage decline in more than 20 months. Massmart's trading statement is likely to add to worries that retailers -- the worst stock market performers this year after a rallying for the two previous years -- are still priced for more than they can deliver.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions