Mr Price H1 retail sales up

Low cost retailer Mr Price on Monday, 17 November 2014, reported a 23% jump in first-half (H1) earnings despite the headwinds facing the local retail environment.

The group's diluted headline earnings per share rose to 349c in the 26 weeks to September 27‚ up 23% from the year earlier period.

Retail sales across the groups operation increased by 14.4% to R7.9bn‚ with cash sales constituting 80.9% of total sales.

Sales to customers outside SA grew by 25.4% to R690.9m and now represents 8.8% of group sales.

Mr Price declared an interim dividend of 211.5c per share‚ an increase of 25.9% from the previous comparable period.

Source: BDpro via I-Net Bridge