Sydney, Australia. Picture: THINKSTOCK
Sydney, Australia. Picture: THINKSTOCK

Mr Price Group has exited the Australian market, the retailer said in its annual financial statements on Friday.

The group had been testing MRP Home and apparel stores in Australia, and decided several months ago to consolidate its three apparel stores in the country into one.

In early April, Mr Price’s board approved the withdrawal of financial support to the Australian business, the group said on Friday. The directors of MRP Retail Australia then put the company into administration in early May.

The Australian stores ceased trading at the end of April.

“At this stage, no material financial impact is expected,” Mr Price said.

Unlike some other SA retailers, the group tends to take a cautious approach to entering new markets. In 2003, it closed six test stores in Chile.