South Africa's Massmart reports 13% jump in profit

02/26/2009 | Reuters

Massmart Holdings, a mass-market retailer in South Africa, said sales in the 26 weeks ending Dec. 28 increased to $2.28 billion. The retailer said this year would be more difficult, but it expected "some improvement" in the last six months of 2009. Massmart has withstood the economic downturn better than many other retailers with its discount stores taking market share from competitors.

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