Mr Price reports record market share growth after strong retail sales
By Philippa Larkin, Dineo Faku
Jan 25, 2021
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JOHANNESBURG - MR PRICE posted strong retail sales and reported its biggest market share growth on record during the half year ended December 2020, despite the retail industry reeling from the impact of the Covid-19 restrictions.
The group said on Friday that retail sales during the 26 weeks ended December had jumped by 5 percent to R7.8 billion and total sales were 5.8 percent higher at R7.5bn, while other income decreased 16 percent to R253million.
Mr Price, whose divisions include Mr Price Home, Mr Price Sport, Miladys and Sheet Street, said retail sales at its South African stores had jumped by 5.4 percent to R6.9bn and store sales rose by 4.6 percent.
Mr Price delivers strong growth in tough economic environment
Mr Price SENS statement:
During the third quarter (27 September 2020 to 26 December 2020) of the financial year ending 3 April 2021, the group continued its pursuit of further market share gains through its proven cash-based, fashion-value business model.
This was achieved as market share grew 230 basis points in October and November 2020 combined, the latest period for which Retailers’ Liaison Committee (RLC) data is available. The group’s total market share during this period is the highest on record since the reinstatement of the RLC (back data to January 2017), with gains consecutively for the last six months.