July 30, 2019 / 12:14 PM / 19 days ago

Massmart to swing to half-year operating loss, shares dive 26%

JOHANNESBURG, July 30 (Reuters) - South African retailer Massmart said it expects to swing to a half-year operating loss, weighed down by softer than expected sales, margin weakness and expense growth, sending its shares tumbling to a 13-year low.

Massmart, in which Walmart has a majority stake, will report an operating loss before non-trading items, foreign exchange movements and net interest, of between 0 rand and 30 million rand ($2.12 million) for the six-months ended June, the retailer said in a statement.

Shares in Massmart dived 26.50% to 43.29 rand, a level last seen in July 2006. ($1 = 14.1842 rand) (Reporting by Nqobile Dludla, editing by Louise Heavens)

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