February 27, 2020 / 5:20 AM / 4 months ago

South Africa's Massmart swings to annual headline loss, no dividend

JOHANNESBURG, Feb 27 (Reuters) - South African retailer Massmart swung to an annual headline loss of 1.1 billion rand ($72 million) on Thursday, as financially constrained customers spent more on products such as food instead of discretionary items such as appliances.

The headline loss for the 52 weeks ended Dec. 29 compares to headline earnings of 900 million rand in 2018, Massmart, majority owned by Walmart Inc, said in a statement.

The retailer and wholesaler did not declare a final dividend due to the reported headline loss. ($1 = 15.2377 rand) (Reporting by Nqobile Dludla; Editing by Himani Sarkar)

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