Mr Price said retail sales at its home market of South Africa rose marginally by 0.6 percent to R6.4billion during the period, and store sales 0.2percent.
It said only online sales recorded strong growth of 31.1percent to R109.1million.
“Consumers continue to be constrained, which is affecting propensity to spend. Gross domestic product growth, unemployment, inflation and disposable income remain at levels that are not supportive of growth in the retail environment,” Mr Price said.
The news sent shock waves in the market, with industry peers following taking a cue from Mr Price. Truworths fell 3.41 percent to R51.60, while Woolworths eased 3.27percent lower to R51.75. The Foschini Group fell 2.63percent to R144.74, while Pepkor declined 1.41percent to R16.09.