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Mr Price grows sales despite trade and supply chain disruptions
Mr Price Group said that sales and other income in the 18 weeks ended 7 Aug rose 48.8% to R8,6bn, supported by the recent acquisitions of Power Fashion and upmarket homeware business Yuppiechef.
Source: Reuters/Mike Hutchings
Excluding these acquisitions, retail sales and other income in the 18 weeks from 4 April to 7 August grew 38.6% to R8bn, the company said.
The group experienced several external disruptions during the period which impeded performance. However, market share gains were achieved despite these challenges, "highlighting the resilience of the group’s fashion-value business model," Mr Price said.
Despite the growth in retail sales, Mr Price's share price slumped 6.5% on the JSE on Friday.
The group said that recovery in the consumer environment was negatively affected by extended Covid-19 lockdowns which moved from less restrictive Level 2 and fluctuated between more restrictive adjusted Levels 3 and 4 from 15 June 2021 to 26 July 2021.
Unrest, port disruptions
Significant disruption was also caused to trade and supply chain operations by the civil unrest during the month of July in KwaZulu-Natal and parts of Gauteng, two of the country’s prominent provinces.
Additionally, the group’s primary port of entry, Durban, had its operations disrupted intermittently by the civil unrest and an unprecedented cyber-attack. "All these factors have weighed heavily on business and consumer confidence, population mobility and hampered economic activity during the period," the group said.
