date:Aug 21, 2013
first half. Mounting pressure on spending is reflected in the weakening of sales in the supermarket unit, Shoprites largest division, which grew 9.8%, compared with 12.9% previously.
According to PSG Konsult portfolio manager Drikus Combrinck, the groups update implies that the company is heading into a more difficult period in the next few months.
We are in a bit of a consumer recession, if I can call it that. There are a lot of headwinds, Mr Combrinck says.
Massmarts trading update was equa