| Wed 14 Jan 2009, 8:00 | | MPC - Mr Price Group Limited - Trading Update For Third Quarter (Q3 2009) |
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MPC
MPC
MPC - Mr Price Group Limited - Trading Update For Third Quarter (Q3 2009)
Mr 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 (Q3 2009)
During the third quarter (October, November and December) of the financial year
ending 31 March 2009 Mr Price Group recorded sales growth of 20.3% (December
21.4%). Comparable sales, which includes sales of expanded and relocated stores
in like-for-like locations, grew by 15.3% (December 17.5%).
Inflation for the period was 6.3% and cash sales constituted 84.3% of total
sales. A net 21 stores were opened during the quarter bringing the total number
of stores to 948. The sales of the franchise stores in Africa and the Middle
East are excluded from these comparisons.
The Apparel Division (Mr Price, Mr Price Sport and Miladys), which represented
72% of sales, achieved sales growth for the quarter of 25.7% with comparable
sales growth of 21.8%. Weighted average space increased by 6.3% and inflation of
5.3% was recorded for the quarter.
The Home Division (Mr Price Home and Sheet Street), which represented 28% of
sales, continued to be affected by the reduced consumer spend on durable and
semi-durable products which includes homewares. Sales growth of 8.2%, with
comparable sales growth of 1.7%, was recorded. Weighted average space increased
by 12.1% and inflation of 7.1% was recorded for the quarter.
The debtors` book remained well controlled from both a credit granting and a
collections perspective, resulting in bad debt levels in line with that reported
for the half year ended 30 September 2008.
The financial figures above have not been reviewed and reported on by the
company`s auditors.
Durban
14 January 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 14/01/2009 08:00:01 Produced by the JSE SENS Department.
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