Mr Price 18-week total sales up 14% year-on-year

Retailer Mr Price said on Wednesday (21 August) that during the first 18 weeks - from March to August - of its financial year‚ it recorded total sales growth of 14% and comparable store sales growth of 9.1% over the corresponding period last year.

Retail selling price inflation for the period was 7.4% while the weighted average trading space increased by 3.5% and units sold increased by 6.1%.

The group said in a trading update that while the current credit environment in SA remained challenging‚ the group was satisfied that the initiatives undertaken last year to reduce credit sales growth have not negatively effected overall sales.

Customers have responded to the fashion value merchandise offer and during the period cash sales growth of 14.1% exceeded credit sales growth of 13.7%. Cash sales constituted 78.6% of total sales compared with 78.5% last year.

The apparel division‚ which represents 72% of sales‚ achieved sales growth of 14.8% with comparable store sales growth of 8.8%. Retail selling price inflation of 6.4% was recorded while the weighted average trading space increased by 5.2% and units sold increased by 7.8%.

The home division (Mr Price Home and Sheet Street) achieved sales growth of 12.2% and comparable store sales growth of 9.7%. Retail selling price inflation of 9.8% was recorded while the weighted average trading space increased by 0.5% and units sold increased by 2.2%.