Massmart Holdings subsidiary Game stores opens new branch in Kenya

KENYA – Game Stores, a subsidiary of South Africa’s retail giant Massmart Holdings, has opened its third outlet in Kenya at Kisumu’s Mega City Mall, in western region of the country. The branch, which is the retailer’s first outlet outside the country’s capital, signals Games’ continued expansion in Kenya and adds to its currently operating stores in Garden City and Karen Waterfront within Nairobi. Massmart, which also owns Makro, Builder’s Warehouse and CBW retail brands, had earlier this year announced plans of opening 47 new stores between 2019 and 2021.…

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Massmart appoints Walmart veteran Mitchell Slape as new CEO

SOUTH AFRICA – Massmart, Walmart owned South African retailer, has announced the appointment of Mitchell Slape as the new Chief Executive Officer (CEO) and executive director of the company. Mitchell Slape, the chief executive officer of Walmart Japan, will replace Guy Hayward who is set to step down from as chief executive by the end of the year after five years in the position. “After almost 20 years in the business, the past five of which have been as chief executive officer, Guy Hayward has informed the board of his…

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Massmart chief executive Guy Hayward to step down

SOUTH AFRICA – Massmart, Walmart-owned South African retailer, has announced that Guy Hayward will step down from as the company’s chief executive officer by the end of the year after five years in the position. The retailer whose brands include Makro and Game, however did not give the exact timing of his exit but noted that it had embarked on a process to find Hayward’s successor. “After almost 20 years in the business, the past five of which have been as chief executive officer, Guy Hayward has informed the board…

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South Africa’s retailer Massmart appoints Abdool-Samad as new CFO

SOUTH AFRICA –Massmart, Walmart’s subsidiary in South Africa, has appointed Mohammed Abdool-Samad as the chief financial officer effective August 1 2019, reports Business Day. Abdool-Samad who is currently the chief finance officer at Illovo Sugar, will succeed Johannes van Lierop, who said will not extend his tenure with Massmart for personal reasons. Abdool-Samad joined Illovo sugar in 2011 and has also previously worked in various executive finance roles within Anglo American. He is a qualified chartered accountant of South Africa (CA (SA)) and holds a Bachelor of Commerce degree from…

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South Africa’s retailer Massmart reports decline in earnings amid expansion plans

SOUTH AFRICA – South African retail group, Massmart Holding Ltd, has reported a drop in half year headline earnings by 31.7% to US$63.85 million during the six months to 30th December 2018, reports Business Report. Massmart said that sluggish growth in sales coupled with increased expenses caused a decline of the group’s trading profit by 16.8% to US$148.83 million – excluding foreign exchange movements, interest and restructure. The owner of the locally operated brands, Game, Makro, Builder’s Warehouse and CBW, also attributed the performance to a difficult operating environment during…

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South African Massmart brags good profit and 2.7% growth in total sales

SOUTH AFRICA – Walmart’s South African subsidiary Massmart declared a final dividend of US$0.18, taking its total for its 2017 financial year to US$0.29, a 16% increase on the previous year’s US$0.25. Massmart downplayed its revenue and profit growth in a depressed consumer environment, stressing its 2017 financial year had 53 weeks whereas its 2016 financial year had 52. Total sales came to US$7.9 billion, which was 2.7% higher than 2016’s US$7.78 billion. But excluding the extra week, sales growth was 1%, Massmart said in its results released on Thursday…

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