Under the leadership of South African business executive Mark Blair, retail group Mr Price has reported a rise in its market performance, marked by a 4.7-percent increase in its shares.
This uplift reflects a successful period for the group, supported by recent strategic acquisitions and improved sales metrics.
Sales and market share growthMr Price announced a notable increase in sales for the 13-week period ending June 29, 2024, with revenues climbing 4.6 percent to R8.5 billion 465 million. This growth outpaced the broader market, which experienced a slight decline of 0.2 percent in retail sales. The company's performance was bolstered by three key acquisitions, which contributed to a higher market share.
The company's comparable store sales showed a modest increase of 0.1 percent. Additionally, other income grew by 9.3 percent to R321 million 175, 772, driven by a larger average debtors' book and higher debtors' interest and fees, which rose by 6.6 percent. Mr Price's South African retail sales increased by 4.3 percent to R7.8 billion 426 million, while non-South African corporate-owned store sales surged by 8.5 percent to R668 million 36 million.
