Wal-Mart’s Massmart Sees Slower Growth as Credit Debt Climbs
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Massmart Holdings Ltd., the African food and general goods retailer controlled by Wal-Mart Stores Inc., has seen an increase in the use of credit cards that may weigh on sales, Chief Executive Officer Grant Pattison said.
“The carry cost of debt is eating into disposable income,” Pattison said in a phone interview from Johannesburg today. “We expect to see customers paying back debt, rather than extending further debt” in 2013.