Budget clothing retailer Mr Price suffered a 0.5% decline in sales to R6.1bn over the Christmas quarter even before taking into account high product inflation of 10.8%. Including "other income" of R284.4m from interest and insurance charges along with cellular airtime sales, the group managed to report a small rise of 0.4% in revenue to R6.4bn for the 13 weeks to December 31 from the matching period in 2015. Excluding new stores, Mr Price’s Christmas sales drop was 2.9%. Higher promotional markdowns were required to clear inventory, which was reduced by 5% and is generally in better shape than at the end of the December quarter in 2015, Mr Price said in its sales update. Sheet Street was the group’s only chain to report comparable store growth. Along with the basic sales growth figures, Mr Price’s sales update provided figures adjusted for an extra week in the comparative figures. The adjusted figures showed Sheet Street grew overall sales 5%. Its trading space decreased 0.2% from t...
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