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MPC
MPC
MPC - Mr Price Group Limited - Trading update for third quarter (Q3 FY2011)
Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000026951
Share Code: MPC
("Mr Price Group" or "the Group" or "the company")
TRADING UPDATE FOR THIRD QUARTER (Q3 FY2011)
During the third quarter (October, November and December) of the financial
year ending 31 March 2011, Mr Price Group recorded sales growth of 10.4% over
the comparable period of the prior year ("comparable period"). The Group
achieved sales growths of 7.5%, 10.7% and 12.0% in October, November and
December respectively. The Group`s largest chain, Mr Price Apparel, achieved
sales growth of 12.8% in December 2010 on a high base set in December 2009,
when sales increased by 16.4%. Sales by the chain exceeded R1 billion for the
first time in a trading month. Group comparable sales grew by 7.9% for the
quarter and by 9.5% in December. Sales to franchised stores are excluded from
these comparisons.
Merchandise inflation for the period was 2.9% and cash sales constituted 82.3%
of total sales. All chains` gross profit percentages exceeded those achieved
in the comparable period and were better than anticipated.
The Apparel Division (Mr Price, Mr Price Sport and Miladys), which represented
73.2% of sales, achieved sales growth for the quarter of 10.3% (December
11.6%) with comparable sales growth of 6.0% (December 7.3%). Weighted average
space increased by 2.2% and inflation of 3.1% was recorded for the quarter.
The Home Division (Mr Price Home and Sheet Street) achieved sales growth for
the quarter of 10.9% (December 13.1%) and comparable sales growth of 12.7%
(December 15.5%). Weighted average space decreased by 4.4% and inflation of
2.5% was recorded for the quarter.
Strong collections from debtors has resulted in bad debt levels showing
further improvement over that reported in the interim results to 30 September
2010.
The financial figures above have not been reviewed and reported on by the
company`s external auditors.
Durban
13 January 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 13/01/2011 08:00:01 Produced by the JSE SENS Department.
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