Group expects net loss of R650m after taking insurance cover into account
Massmart, which is in a midst of turnaround strategy to stem losses, says the replacement cost for property and stock damages as a result of the civil unrest in July cost R2.5bn, of which R1.3bn relates to inventory losses.
Updating the market on Tuesday, the retail and wholesale group said of the 43 affected stores, 25 have resumed trading by the end of September, nine will open by the end of December and the rest in 2022...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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