MR PRICE GROUP LIMITED
(Registration Number: 1933/004418/06)
Share Code : MPC
ISIN Code : ZAE000026951
News Release
THE MR PRICE GROUP TRADES WELL IN DECEMBER
Sales exceed R0.5-billion for December for the first time
ÝCape Town, 23 January 2002¨ Mr Price, the 750 store value-retailing group,
today reported that improved margins had enhanced profitability in December
resulting in profits increasing at a significantly higher rate than sales.
Alastair McArthur, CEO of the Group, said that all the retail brands in the
Group had performed well. The cash retail division grew sales by 18% and
the credit retail division by 8%. Group sales rose by 15%. Stocks and
debtors in the group remained well controlled.
"All chains in the group achieved positive like-for-like store sales
growth", said McArthur, who added that sales had exceeded half a billion
rand in December for the first time. "The cash component of those sales
exceeded R400 million or over 85% of total sales. The high cash sales
percentage in our business shields us from interest rate rises as we have
minimal borrowings. As a value retailer, the recent rise in interest rates
should have little impact on our sales or profit performance."
McArthur said that with a good December completed and the positive trend
continuing into January, the Group should have little difficulty achieving
an earnings increase which had been forecast for the full financial year
ending March 31st.
ENDS
For further information, please contact Alice Jenner on (021) 426 1233 or
083 448 2650 or Tamra Veley on 083 251 3658.
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