Mr Price Expects 20% Surge In Profits
Ventures Africa - Apr 19th 2013, 09:23
Shares of JSE-listed Mr Price gained 3 percent to R118.98 on Wednesday’s early trade after it said figures for the year ended March would be higher than in the previous reporting period.
The clothing retailer said basic earnings per share and headline earnings per share for the 52 weeks ended 30 March this year are likely to be higher by more than 20 percent.
This share price move shows that the market liked the numbers which mean that the company continues to outperform some of its peers.
Analysts said this could mean that clothing sales had been particularly strong in the past year, continuing the trend that had been started long before August last year.
In the 18 weeks to August last year, Mr Price said its sales surged 14.9 percent and comparable store sales gained 9.5 percent during the period.
The group has opened more than 24 stores and closed a couple of others in South Africa since the year end in March last year.
The apparel division, which includes Mr Price, Miladys and Mr Price Sports and represents 71.6 percent of the group’s total sales, has always been a star performer for the group’s sales income.
The homeware division, which trades under Mr Price Home and Sheet Street, has also been doing well.
Cash sales always account for more than 78.5 percent of total group sales.
Analysts said Mr Price has, like most of the fashion retailers, pushed its sales through credit store accounts.
The company has won a chunk of market share from Edcon, another big fashion retailer in South Africa, which has been losing markets share.
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