June 25, 2020 / 5:14 AM / 19 days ago

BRIEF-Mr Price Group Says FY HEPS Declined 10.4%

June 25 (Reuters) - Mr Price Group Ltd:

* JSE: MRP - MR PRICE GROUP LIMITED REVIEWED FINAL RESULTS FOR THE 52 WEEKS ENDED 28 MARCH 2020 AND TRADING UPDATE

* MR PRICE GROUP LTD - ANNUAL BASIC EARNINGS PER SHARE DECREASED 9.5% TO 1 042.4C

* MR PRICE GROUP LTD - FY HEPS DECLINED 10.4% TO 1 047.0C

* MR PRICE GROUP LTD - FY TOTAL REVENUE FROM CONTINUING OPERATIONS (DISCONTINUED OPERATIONS IN POLAND AND AUSTRALIA) GREW 2.1% TO R23.0BN

* MR PRICE GROUP LTD - GROUP ANTICIPATES AN EXTREMELY CONSTRAINED CONSUMER ENVIRONMENT.

* MR PRICE GROUP LTD - GROUP REPORTED SALES GROWTH OF 8.6% IN FIRST TWO WEEKS OF MARCH 2020

* MR PRICE GROUP LTD - APPROXIMATELY R300M IN BUDGETED EXPENSE REDUCTION HAS BEEN IDENTIFIED AS PART OF GROUP WIDE AUSTERITY ACTIVITIES

* MR PRICE GROUP LTD - IN APRIL 2020, ALL GROUP’S SOUTH AFRICAN STORES WERE CLOSED AND RETAIL SALES WERE DOWN 89.1% OFF A BASE OF R1.9BN IN APRIL 2019

* MR PRICE GROUP - FOLLOWING ANNOUNCEMENT OF NATIONAL LOCKDOWN ON 15 MARCH 2020, SALES GROWTH DECLINED 32.9% AS CONSUMERS PRIORITISED ESSENTIAL ITEMS.

* MR PRICE GROUP LTD - NO FINAL DIVIDEND HAS BEEN DECLARED

* MR PRICE GROUP LTD - GROUP EXPERIENCED A DECLINE IN CASH RESERVES OF APPROXIMATELY R2BN DURING 5-WEEK LOCKDOWN PERIOD

* MR PRICE GROUP LTD - APPROXIMATELY R300M IN BUDGETED EXPENSE REDUCTION HAS BEEN IDENTIFIED

* MR PRICE GROUP LTD - INCLUDING A 23% REDUCTION IN BUDGETED CAPEX FOR FY2021

* MR PRICE GROUP LTD - CURRENT FINANCIAL POSITION REMAINS SOUND Source text for Eikon: Further company coverage:

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