After gazing at their shoes modestly these how many months and scuffing them about diffidently in the dirt, the Men in Black have reported that sales for the 53 weeks to December 2013 were pleasingly up on the 52 weeks to December 2012, with sales up 7.5% and like-for-like store sales up 3.8% for the comparable period. Makro stormed in at 14.1%, with Massbuild up 11.9% and Massdiscounters and Masscash lagging somewhat at 8.6% and 6.5% respectively – the latter figure arguing that once again, the bleak economic winds have been the hardest on the poor. On this happy note, the share (which has tanked 30% in six months) ticked up by a no-doubt-welcome 4.5%.

Comment: Good news, but nothing yet that would point toward a strong recovery in Massmart’s middle-to-lower income heartland.

Another natty performance by The Dapper One which saw food sales increase by 15.3% and clothing sales by 10.7% for the six months to the end of December. This was back home. In the blasted Antipodes, where conditions are so grim that shopping is one of their few leisure pursuits, sales were up a whacking 30%. These interims owe much to Woolworths’ virtually uncontested position at the top of the market, which is showing more than its usual resilience during these difficult times. However, unfortunately, Woolies stock is staggering under the understandable weight of shareholder expectations, declining over 2% in a market which seemed to feel that they could have done just a little better.

Comment: Still, it’s a nice problem to have, isn’t it?

Shoprite, you will be impressed to know, claims the Madiba shutdown cost the business R260million, compared with R200million for Massmart, not that anyone is comparing. This created a deficit of about 0.7% of turnover for the 26 weeks to the end of December, during which period turnover grew a slower than usual 9.6% to R51billion, compared with 13.8% in 2012. Like-for-like store sales were up 4.3%, and growth in SA topped out at 7.6%, with prices up just 3.8% compared with official inflation of 5.6%. Beyond our borders, sales were up 14.9% compared with a (probably unsustainable) 23.5% last year. Punters have expressed their disappointment with a 4.4% decline in the price of the share.

Comment: Even Shoprite, exposed as it is at the lower end of the market, is not impervious to the difficult trading conditions this time around.

Pioneer, you may recall, is in the midst of a bit of a makeover, with the merger of its consumer brands segments Bokomo and Ceres, and the unbundling later this year of its chicken business, Quantum Foods. The merger seems like an excellent idea: many of the brands under the respective divisions are numbers one or two in their categories, and there is brilliant scope for Pioneer to get more deeply into the own brands category. Apart from the obvious efficiencies, savings and focus the merger will bring, it will also provide some balance in the Pioneer group, which is currently weighted towards the Sasko milling business. Some brands might not survive the merger – underperformers will be scrutinized and revitalized or sold. And the merger might bring further opportunities for the group – perhaps a large transaction with an interested party.

Comment: And in this regard, Premier foods and RCL Foods might want a nibble…

Internationally, the dairy industry is booming, with product prices at record levels and producer prices going through the roof. Back home, not so much. With the cost of grain, soybeans and lucerne increasing rapidly and milk prices at the shelf stagnant, our farmers have much at which to furrow their worthy brows beneath those floppy khaki hats they like to wear. At R3.90 per liter, the producer price of milk – the price at which processors buy milk – does not cover costs to the farmer. Internationally, it seems, farmers have enjoyed greater success at pressurizing producers in order to keep their farms viable. While exports are currently exceeding imports by 9.6%, the weak rand is not helping farmers, who also carry many of their input costs – such as equipment, fuel and fertilizer - in dollars.

Comment: Hard times down on the farm. Which inevitably translates into hard times at the till.

“Hey everybody, look at us! We’re economists. 1.5%! Lalalalala!” Once again the practitioners of the dismal science have it wrong. This time, they got it 400% wrong, with the consensus that retail sales for November would be 1 to 1.2% up, compared with 1.4% for October. In fact, the numbers stormed through at 4.2%, which the same economists are calling a “correction”, or recovery, from the strike-y months of September and October. General dealers at 7.1% growth and textile, clothing and footwear merchants at 9% were the big contributors with our own dear industry, in the retailers of food, beverages and tobacco category, actually losing ground to the tune of 0.8%. In Wholesale, the picture was better with prices up 6.8% year on year – or 1.7% in seasonally-adjusted real terms.

Comment: The consensus, which does seem trustworthy, is that November’s surprise numbers do not presage sustainable growth in a market assailed by shaky consumer confidence, limited job growth and the rest of the usual suspects.

In their cryptic fashion, Clicks have informed us, via SENS, that a change in the Clicks Group capital structure as a result of certain transactions, detailed in a recent circular, met with the approbation of shareholders, and in the light of this, the board has resolved to withdraw from these transactions. What can this mean?

The Adcock deal with Chilean drugmaker CFR Pharmaceuticals, could take until past half-year to resolve due to various complicated issues including, the upping of the CFR offer and the portentously-named “irrevocable undertakings,” given by Adcock in support of the original offer, which have since expired. And speaking of portentous, “a new power is rising!” to quote Saruman the White: the newly-listed Ascendis Health is chatting to both Adcock and Aspen with a view of purchasing some of their underperforming generics, which Ascendis reckon could do better in the dispensary trade.