Game still has Walmart’s support despite its reported net loss of R1.03 billion in 2021, but the multinational retail giant’s patience is limited.
Walmart will continue to support Massmart through its losses while the company implements changes at subsidiaries like Game needed to turn the business around.that this support is not unconditional, and that their patience with Game had limits.for nearly 47% — R1.03 billion — of the company’s R2.2 billion net loss.This included selling fourteen stores in East and West Africa and selling fifteen “non-core” stores in South Africa.
In its financial results for 2021, Massmart reported that its performance was impacted by two waves of Covid-19 and resultant lockdowns, as well as civil unrest. Massmart lost its primary import processing centre during the violence and looting in July 2021 and faced supplier stock-outs in the electronic goods and home appliances supply chain.Alcohol bans and restrictions implemented during lockdowns cost Massmart approximately R1.8 billion in lost sales. According to the report, this translated to an estimated R193 million loss in sales margin.According to Slape, the Russia-Ukraine conflict could aggravate the situation or provide an opportunity.
He explained that if there were price increases needed, Massmart would aim to be the last to implement them.
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