Mr Price says it is well placed for the future despite weak sales
The retailer has increased its debt facility as ‘head room’, as it anticipates a constrained consumer environment
Homeware and clothing retailer Mr Price has said it is well placed for the future as cash-strapped consumers shop for value, even as its profits fell in the year to end-March before the lockdown.
CEO Mark Blair said the group expects weak sales in the future due to the end of the Temporary Employee/Employer Relief Scheme (Ters) in June, an expected increase in retrenchments, and a weaker consumer spending environment. He also expects competition from cheap clothing on the market as distressed competitors sell stock.