Mr Price: Earnings up despite industry slump

MR PRICE Group, the retailer that sells most of its clothing and housewares for cash, rose to a five-week high after reporting first-half earnings gains that ran counter to a consumer-spending slump. Mr Price shares increased 3.99 percent to R217.08 by the close yesterday. The stock has risen 33 percent this year, the best performance among local retailers. Earnings excluding one-time items in the six months through September 27 climbed as much as 24 percent to 378.2 cents a share, the Durban-based company said in a statement yesterday. That compares with net income that was little changed in the year through June 29 at competitor Truworths International. Nationwide retail industry sales were unchanged in June, the worst performance since December 2009, and the SA Reserve Bank has raised its benchmark interest rate twice this year. – Bloomberg