MR PRICE shares crashed as much as 18% in late trade on Wednesday, wiping off about R10bn of the company’s market value, as the retailer warned of a potential drop in its half-year profit.In its trading update for the 18 weeks ended August 6, Mr Price recorded growth of just 1% in total sales from a year-earlier period. Comparable sales dropped 2%.Mr Price attributed the disappointing sales numbers on the unseasonally warm weather at the start of winter and higher prices as a result of the weaker rand."There has also been a fundamental shift in consumer spending in SA, with higher unemployment and low economic growth significantly damping consumer confidence and spending," it said in a statement.The retailer said while all divisions were under pressure in this environment, the apparel businesses were the most affectedCash sales were up 2.8% and credit sales were 6.6% lower than the corresponding period.The slump in the stock weighed heavily on the retail sector, with The Foschini Gr...
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