Mr Price leads clothing retailers lower as sales lag inflation

Mr Price Group, a South African clothing and household goods retailer, led declines among clothing retailers after reporting quarterly same-store sales growth lower than the rise in the price of its products.

Mr Price fell as much as 2.8%, the biggest intraday fall in more than two months, and traded 2.2% lower at R159.50 as of 2:49 pm in Johannesburg on Thursday.

Truworths International declined as much as 3.2%, while The Foschini Group slid 1.8%. Comparable-store sales at Mr Price increased 10.5% in the three months through December, compared with selling price inflation of 10.8%, the Durban-based company said in a statement on Thursday.

The clothing division, which accounts for almost 75% of sales, rose 12.3%, while the home unit had same-store sales of 5.5%.

"The slow growth in the apparel division and negative growth in its home is disappointing," Alec Abraham, an analyst at Afrifocus Securities in Johannesburg, said by phone.

"Trading updates from Truworths and Foschini are still expected and these shares are falling in response to what Mr Price’s update today [Thursday] says about the outlook." – Bloomberg

PW Botha wagged his finger and banned us in 1988 but we stood firm. We built a reputation for fearless journalism, then, and now. Through these last 35 years, the Mail & Guardian has always been on the right side of history.

These days, we are on the trail of the merry band of corporates and politicians robbing South Africa of its own potential.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.


Border walls don’t stop viruses. But this might

Why South Africa should consider amnesty for undocumented migrants in the time of the coronavirus outbreak.

Watch it again: Ramaphosa addresses a locked down nation

President Cyril Ramaphosa is scheduled to address the nation on the measures currently being undertaken to contain the coronavirus pandemic

The rule of law in times of crisis: Covid-19 and...

Under a state of national disaster, some rights may be suspended. But it is critical to remember that the Constitution itself is not suspended

Test backlog skews SA’s corona stats

With thousands of samples still waiting to be processed, labs are racing to ramp up testing to help the government gain a better idea of how prevalent Covid-19 really is

Press Releases

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world

SAB Zenzele special AGM rescheduled to March 25 2020

New voting arrangements are being made to safeguard the health of shareholders

Dimension Data launches Saturday School in PE

The Gauteng Saturday School has produced a number of success stories