Mr Price Group Limited -
Mr Price Group Limited
Registration number 1933/004418/06
Incorporated in the Republic of South Africa
ISIN: ZAE 000026951
JSE share code: MPC
04 August 2003
Following the Annual General Meeting in Durban on Friday afternoon (01 August
2003), Mr Price Group Ltd today announced that sales growth in the first quarter
of the new financial year (01 April 2003 to 30 June 2003) was 15.2% against
growth of 17.8% in the comparable trading period of the previous year. Growth
for clothing, footwear and textiles for the same period reported by the Retail
Liaison Committee was 9.8% compared to 19.2% in the previous year. Sales growth
in the Cash division (Mr Price, Mr Price Home and Sheet Street) was 18.8% and
sales growth in the Credit Division (Milady"s, Hub and Galaxy) was 5.3%.
The winding down of the Chilean operation has been completed, and as previously
reported, the losses sustained were not significant and will not affect headline
earnings.
Commenting on trading for the rest of the year, the company said that the recent
reduction in interest rates was unlikely to positively affect trading in the
second quarter ending in September. Furthermore, given the strong base of the
first half of the previous year (when headline earnings per share increased by
50%) profit growth for the interim period would be inhibited as indicated at the
last year end and in the annual report. However, in the second half, which
traditionally represents two-thirds of annual earnings, the benefits of the
continued stronger Rand on the group"s purchasing and pricing, coupled with the
initial benefits of the easing of interest rates, should result in further
market share gains and earnings growth for the year.
ENDS
Sponsor
RAND MERCHANT BANK
A division of FirstRand Bank Limited
CORPORATE FINANCE
Date: 04/08/2003 01:30:06 PM Supplied by www.sharenet.co.za
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