JOHANNESBURG: South Africa’s low-cost, cash-based fashion retailer Mr Price on Tuesday reported a 13.9 percent rise in total revenues to R18 billion for the year ended March 28 despite weaker economic conditions.
The group’s diluted headline earnings per share rose 21 percent to 865.1 cents and the dividend climber 20.3 percent to 580 cents per share. “While we have identified opportunities for improvement, we are very satisfied with the results achieved in an environment in which the economy and consumers are struggling,” chief executive Stuart Bird said in a statement.
Mr Price – which makes 82 percent of its sales from cash purchases – said retail sales increased by 13.5 percent to R17.3 billion. Cash sales grew 14.9 percent, ahead of credit sales of 7.5 percent. Looking ahead, the group – which has 1 150 stores and online channels – said it expected continued tough trading conditions in the year ahead.
“The Group is comparatively well positioned to withstand these challenges, however it is not immune. Every effort will be made to keep prices low during these tight economic times, and to remain the destination of choice for our target customers.”
