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Mr Price, like TFG, has fared better than most discretionary retailers during the Sars-CoV-2 pandemic and beyond. The reason is simple: both took the brave strategic decision to expand into the downturn, at a time when many other retailers were just battening down the hatches and hoping for the best. In a languishing economy, where unemployment is high, interest rates are rising and money is tight generally, Mr Price is well positioned to capitalise on spending by lower-end consumers.

For the year to April 2022, revenue grew by an incredibly strong 25.9%, much in line with that seen by clothing retailers in Stats SA’s retail sales figures for the year to end-March. If the recent acquisitions of Yuppiechef and Power Fashion are excluded from the calculations, total retail sales expanded 15.6%, while comparable stores sales growth was 14.1%. ..

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