2018/04/18, 16:02:00
Johannesburg Stock Exchange - SENS NEWS DELAYED
Sales Update for the 12 Weeks to 25 March 2018

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1940/014066/06)
Share code: MSM
ISIN: ZAE000152617
(‘Massmart’, ‘the Company’ or ‘the Group’)


Included within the Massmart Integrated Annual Report for the year ended 31 December 2017
released today on the Massmart website is the following outlook paragraph:

‘The Group’s sales performance for the first 12 weeks of 2018 has been soft which is a trend
noted by other participants in South African retail. Total sales growth is slightly positive while
comparable sales growth is slightly negative, with product deflation of -0.4%. Sales growths in
Rands from our stores outside South Africa are at similar levels as these Group figures. Food
sales growth remains low due to ongoing deflation in commodities, which should move into
inflation from April/May 2018. As noted in the CFO letter, this year Massmart is adopting IFRS 15
which will impact our reported sales for this 2018 financial year and beyond. The growth trends
referred to above are however reported on the same basis as last year. Notwithstanding the soft
start to 2018, we are hopeful that the 2018 sales environment will improve as various positive
factors (the stronger Rand, low inflation and lower interest rates) lift consumer sentiment and
spending. Whilst South Africa’s new political leadership and direction will, in the short to medium
term, undoubtedly improve many economic factors, the structural, policy and public sector
impediments remain long-term challenges. This is undoubtedly South Africa’s best shot in recent
memory at reinvigorating our own social, economic and political progress and prowess, and
restoring our place as a key actor on the African continent. We are an excited and proud South
African company.’

The above information has not been reviewed and reported on by the Company`s external

18 April 2018

Sponsor: Deutsche Securities (SA) Proprietary Limited

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