Walmart Massmart warns on profit, names new CEO

Source: Reuters, Friday, May 24, 2019

South African retailer Massmart has warned of lower headline earnings per share for the first half of the year and said that Walmart executive Mitchell Slape would become its new CEO.

Massmart, in which Walmart has a majority stake, said headline earnings per share for the six months ended June might be at least 50% lower than the prior year while operating profit before interest, depreciation, restructuring, non-trading items and taxation might be flat.