National Property Portfolio on Auction

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Mr Price lifts sales 10% as credit is tightened

January 18 2013 at 08:00am

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Mr Price realised sales growth of 10 percent in the 13 weeks to December 29, and sales in comparable stores rose 4.4 percent, the retailer said yesterday.

Cash sales constituted 78.8 percent of total sales compared with 80.1 percent a year earlier, it said.

The performance was affected by the planned curtailment of credit sales growth. Mr Price chose to slow credit sales growth as overall unsecured credit in South Africa had risen by 57.1 percent from a year earlier. As a result, the growth in group credit sales in the period slowed considerably.

The apparel division, which includes Mr Price, Mr Price Sport and Miladys, increased sales by 9.1 percent and comparable stores grew sales by 2.9 percent. Retail sales at Mr Price Home and Sheet Street went up by 12.6 percent. The group opened 32 stores and closed two stores in its third quarter.

The stock declined 3.31 percent to close at R121.25 yesterday. – Nompumelelo Magwaza.


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