JOHANNESBURG, April 22 Shares of South African
retailer Massmart tumbled more than 3 percent on
Monday, after the Wal-Mart unit warned it may fall short
of its profit target this year, squeezed by weak consumer
Massmart, the country's No.2 retailer by value, said sales
increased 10.3 percent in the 14 weeks to end-March adding
growth may be under pressure for the rest of its fiscal year.
"If the current sales trends continue, it will be difficult
to meet our objective, which is to achieve trading profit growth
equal to sales growth," it said in a statement.
Shares in Massmart slid 3.3 percent to 191.99 rand, booking
their biggest daily percentage decline in more than 20 months.
Massmart's trading statement is likely to add to worries
that retailers -- the worst stock market performers this year
after a rallying for the two previous years -- are still priced
for more than they can deliver.