RETAIL TRENDS
Mr Price surprises with interim sales growth
Sales in non-SA corporate-owned stores grew 9.1% to R520.8m, while SA sales increased 6.4% to R6.4bn
Retail group Mr Price has provided an upbeat assessment of its performance in the first four months of its financial year, but reports that consumers remain under pressure and that tough trading conditions persist. The group’s retail sales and other income grew 7.4% to R7.4bn in the 18 weeks to August 25, with the retailer citing its low-price model as a reason to be bullish, despite a stagnant economy and depreciating rand. Total retail sales, including sales to franchisees, of R6.9bn were 6.5% higher than the corresponding period, with this figure lifted by strong online sales growth and from its newly incorporated Kenyan stores. Sales in non-SA corporate-owned stores grew 9.1% to R520.8m, while SA sales increased 6.4% to R6.4bn. This exceeded the combined sales growth of 3.5% for retailers as reported by Statistics SA for April to June, the period for which market information is available, the group said.
Argon Asset Management equity analyst Bjorn Samuels said the numbers ...
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