MR Price Group posted a 20.1% jump in full-year earnings on Thursday, as consumers coming out of the Covid-19 lockdowns revamped their wardrobes and homes, with acquisitions adding a boost.
The largely budget clothing and homeware retailer has benefited from its lower-price model, which continues to attract financially constrained consumers seeking value.
Mr Price said headline earnings per share, the main profit measure in South Africa, rose to 1 282.1 cents in the 52 weeks ended April 2, up from 1 067.9 cents a year ago.
Total revenue increased 23% to R28.1 billion ($1.84 billion), with retail sales up 26% to R26.7 billion, despite the civil unrest in July last year, which resulted in the looting of 111 of the group’s 1 592 stores.
Mr Price’s clothing division grew its sales by 30.9%, supported by a stronger second half as all divisions reported their highest fourth quarter market share level on
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