South Africa's Massmart reports higher FY sales

JOHANNESBURG: South African retailer Massmart Holdings Ltd reported a more than 10 percent rise in full-year sales on Wednesday as its building materials and home improvement business delivered a better performance.

Massmart, majority owned by Wal-Mart Stored Inc, said sales rose 10.4 percent to 78.2 billion rand in the 52 weeks to Dec. 28. Sales climbed 10 percent a year earlier.

Industry-wide retail sales in South Africa rose 3.4 percent year-on-year in October, data showed last month, above the 2 percent growth economists polled by Reuters had expected. Sales in Massmart's Massbuild brand were up 14.6 percent.

Johannesburg's general retailers index jumped about 17 percent in 2014, recovering from an 11 percent plunge the previous year. The company's shares fell 0.33 percent, outperforming the 1.89 percent decline of the broader All-share index.