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trading update for third quarterMr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000026951
Share Code: MPC
("The Mr Price Group" or "The Group" or "the company")
TRADING UPDATE FOR THIRD QUARTER
The Mr Price Group trading update for the third quarter (October, November and December) of the financial year ending 31 March 2008 reflects sales growth of 14.6% over this period with comparable sales growing 5.2%. Inflation of 8.4% was recorded. Cash sales constituted 85% of total sales.
The Apparel Division which represents 69% of sales and comprises
Mr Price, Mr Price Sport and Miladys, reported sales growth for the quarter of 17.5% (with comparable sales growing by 8.7%). Inflation of 9.2% was recorded.
The Home Division, comprising Mr Price Home and Sheet Street recorded sales growth of 8.6% with comparable sales of -2.2%. This reflects the continued impact of larger format stores in close proximity to smaller established stores as well as the effect of interest rate, fuel and food price increases on consumers who have reduced spending on home related products. Inflation of 6.2% was recorded.
Group sales in October, November and December grew by 11.5%, 14.0% and 16.8% respectively. Comparable sales in December were up by 7.0%. The Apparel Division grew sales by 20.0% in December with comparable sales growing by 10.7%. The Home Division grew sales in that month by 9.6% with comparable sales of -1.3%. The African franchised stores and the new Mr Price Kids operation both experienced a very positive December trading period.
The financial figures above have not been reviewed and reported on by the company’s auditors.
Durban
17 January 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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