Advertise with fastmoving.co.za
 
 

Mr Price slides on sales figures let-down
Mr Price slides on sales figures let-down

Mr Price slides on sales figures let-down

FMCG SUPPLIER NEWS

Fin24.com - Jan 17th 2014, 08:14

Johannesburg - Discount retailer Mr Price failed to impress investors with a 15% rise in third-quarter sales on Thursday, reflecting the lofty expectations for one of Johannesburg's most expensive stocks. 

Mr Price, which sells clothing and household goods, said sales growth for the three months to end-December rose 14.8%, helped by strong growth in its apparel division.

The company also said it added a net 34 stores during the period, bringing its network to 1 075 stores.

Its shares fell 1.8% to R160 on Thursday.

After a thunderous rise that has seen its stock increase more than sixfold in the past five years, Mr Price is one of the 25 most expensive stocks on the 165-member All-Share index.

Some analysts have said they see little immediate upside for the stock, given its price-to-earnings ratio of around 24.

Retail sales are likely to remain constrained by slow growth and high levels of household debt, analysts and economists say.

However, data on Wednesday showed industry-wide sales grew 4.2% year-on-year in November, well above expectations for an increase of just 1%. From Fin24.com 

Related News

Italtile plans to open more store despite weak trading conditions
23/08/2019 - 14:56
JSE-listed supplier of ceramic tiles Italtile said it planned to open more stores in South Africa and abroad, despite the subdued economy, which has constrained consumer spending.

Africa’s biggest mall welcomes Ackermans’ 800th store
23/08/2019 - 09:52
One of South Africa’s longest-standing value retailers, Ackermans, opened its 800th store in Africa’s biggest shopping centre Fourways Mall, in the north of Johannesburg.

Tough economy put a chill on Mr Price retail sales
23/08/2019 - 09:24
A tough economic climate has put pressure on Mr Price's fashion retail sales, as customer spending remained constrained, the company said in a trading statement for the first four months of its financial year ended March 28.

LiquorShop extends its low price promise to customers with the opening of its 500th store
23/08/2019 - 08:58
LiquorShop, the Shoprite Group’s chain of stand-alone liquor outlets, marked a major milestone with the opening of its 500th store at the Philippi Plaza Shopping Centre in Cape Town.

Kraft Heinz writes down more than $1bn as first-half revenue slumps
12/08/2019 - 12:30
Kraft Heinz’s net income halved in the first six months of the year, the packaged food maker said as it wrote down the value of several business units by more than $1bn in results delayed by an internal investigation into procurement practices.