We gave you the lowdown on the Massmart interims in our update last week, but here they are again with added snap and pizzazz: sales up 8.7% to R42.3billion, with internal inflation at 5.8%. Taking it to the breakdown: Massdiscounters (Game, DionWired) up 7.6%, Masswarehouse (Makro) up 9.2%, Massbuild (Builders) up 5.8% and Masscash (Cambridge, CBW) up 10.3%. This growth, say the characteristically dissatisfied pundits, is more a result of store openings than like-store sales, in a sector which is almost universally feeling the hard, blunt edge of the economic downturn. Understanding this, punters have been tolerant, with the share price losing around 2% on the announcement of the results, but picking up another 3.1% shortly thereafter.
Comment: As solid a set of numbers as can be expected in this market.