South African retail group Mr Price said on Thursday that that sales increased by 14.6% in the quarter ended December, with comparable sales growing 5.2%.
The group said in a trading update that inflation of 8.4% was recorded. Cash sales constituted 85% of total sales.
The Apparel Division, which represents 69% of sales and comprises Mr Price, Mr Price Sport and Miladys, reported sales growth for the quarter of 17.5%, with comparable sales growing by 8.7%. Inflation of 9.2% was recorded.
The Home Division, comprising Mr Price Home and Sheet Street, recorded sales growth of 8.6% with comparable sales of -2.2%.
This reflects the continued impact of larger format stores in close proximity to smaller established stores as well as the effect of interest rate, fuel and food price increases on consumers who have reduced spending on home-related products. Inflation of 6.2% was recorded.
Group sales in October, November and December grew by 11.5%, 14.0% and 16.8% respectively. Comparable sales in December were up by 7.0%.
The group said the Apparel Division grew sales by 20.0% in December with comparable sales growing by 10.7%. The Home Division grew sales in that month by 9.6% with comparable sales of -1.3%. The African franchised stores and the new Mr Price Kids operation both experienced a very positive December trading period.
Article via I-Net-Bridge
