Mr Price bounces back with sales surge
Value retailer reaps benefits of online growth, 10.9% jump in cash transactions and Black Friday frenzy
Mr Price outperformed other retailers in the three months to December, recording 8.3% growth in sales. In 2017, the retailer bounced back from a disappointing performance in the 2016 financial year and continued this trend into the festive season. The company said it was expecting further momentum in sales growth for the two-week period from December 31 2017 to January 13 2018. TFG recently reported a turnover growth of 6.6%, while Woolworths fashion, beauty and home delivered a disappointing 0.2% sales decline. The latest Statistics SA data revealed on Wednesday that retail trade sales had increased by a significant 8.2% to R94.67bn year on year in November 2017 after a 3.2% rise in October to R82.43bn. On Wednesday, the Mr Price group said retail sales and other income (RSOI) had exceeded R3bn for the first time in a single month in December 2017. It recorded RSOI growth of 8.3% to R6.9bn. The firm said well-executed merchandise offers had resulted in lower markdowns and improved ...
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