Mr Price increases dividend despite drop in profit
Mr Price Group reported a drop in headline earnings for the first time in 16 years following a difficult year for South African consumers. But CEO Stuart Bird said on Tuesday there were significant opportunities despite the apparel retailer’s poor showing in its full-year results. In the year to April 1 2017, Mr Price reported a decrease of 10.4% in diluted headline earnings per share to 887.9c. The annual dividend was maintained at 667c a share. "We see the environment as continuing to be constrained and in this kind of environment, your opportunities are mostly limited to market share growth and [the environment] places more emphasis on margins, costs and efficiencies. We have scope to increase market share in all our existing businesses," Bird said. He said the brands that would stand to benefit most were Mr Price, Miladay’s and the cellular division. "We think we’ve passed the worst of it. We’ve seen a positive start to this new financial year — though from a low sales base. Our...
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