Mr Price’s home division offsets slump in clothing sales
Retailer Mr Price managed to offset some of the slump in clothing sales with better performance by its other divisions. Mr Price’s share price fell 7.15% on Friday ahead of the release of its results on Monday morning after competitor Woolworths warned there had been a price war among clothing chains clearing winter stock. Operating profit in Mr Price’s apparel division was down 26.7% to R779m on a 0.3% sales decline to R6.3bn for the 26 weeks to October 1 compared with the year-earlier period, the company said in its interim results statement on Monday. "We should have taken winter markdowns earlier," said CEO Stuart Bird. "Our assortments and marketing should also have been more focused on value rather than fashion in this climate." The group’s Miladys chain performed well below expectations and was undergoing a change in merchandise fashion pitch to refocus on its core customer, Bird said. Operating profit in Mr Price’s home division, on the other hand, jumped 20.4% to R364m whil...
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