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MPC
MPC
MPC - Mr Price Group Limited - Earnings forecast for the half year ended
30 September 2010
Mr Price Group Limited
Registration number 1933/004418/06
Incorporated in the Republic of South Africa
ISIN: ZAE 000026951
JSE share code: MPC
("Mr Price" or "the company" or "the group")
EARNINGS FORECAST FOR THE HALF YEAR ENDED 30 SEPTEMBER 2010
As required by the JSE Limited Listing Requirements, a company is obliged to
announce once it is reasonably certain that its results will differ by more
than 20% over the corresponding reporting period. The company announced this
expectation on SENS on 26 August 2010. The company is currently in the process
of finalising its results for the six months ended 30 September 2010 and is
therefore able to forecast the range of earnings estimates with more
certainty.
The company expects basic and headline earnings per share to increase by
between 45% and 55% and core headline earnings per share by between 55% and
65% over the comparable period.
These results have been generated by the continued strong profit growth of the
Mr Price Apparel chain, which constitutes 55% of group sales, and improved
operating performances by all other divisions.
Initiatives taken last year to enhance the profitability of the
underperforming chains impacted favourably on the second half of the financial
year ended 31 March 2010. As a result of the higher base, the company does not
expect the same level of earnings growth in the second half of the current
financial year. Detailed interim results will be announced on 18 November
2010.
The above-mentioned figures and forecast financial information have not been
reviewed and reported on by the company`s auditors.
Durban
28 October 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Mr Price Group Limited is a value retailer, selling fashionable products at
everyday low prices, predominantly for cash. The group operates 943 stores in
Southern Africa and 24 franchised stores in Africa. The five retail chains
focus on clothing, footwear, sportswear, sporting goods, accessories and
homewares.
Date: 28/10/2010 08:00:01 Produced by the JSE SENS Department.
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