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S.African clothing retailer Mr Price's 21-week sales up 9 pct
September 1, 2015 / 1:08 PM / 2 years ago

S.African clothing retailer Mr Price's 21-week sales up 9 pct

JOHANNESBURG, Sept 1 (Reuters) - Sales in South Africa’s apparel retailer Mr Price Group Ltd rose 9 percent for the 21 weeks ended August 22, versus the same period last year, it said on Tuesday, blaming consumer spending for curbing growth.

Mr Price, which also runs homeware outlets, said sales were impacted by “low levels of consumer confidence, some poor fashion calls and very late onset of winter”.

Comparable sales growth was 4.6 percent and the no-frills retailer said it was aiming to improve sales in the full year.

South African retailers have been squeezed in recent years as their consumers battle with high personal debt, rising fuel, electricity prices and high unemployment.

Shares in the company had fallen 9.4 percent by 1258 GMT to 218 rand, while the All Share index was more than 2 percent down. (Reporting by Peroshni Govender; Editing by James Macharia)

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