Mr Price sees rise in profit and sales

Durban-headquartered Mr Price, South Africa’s biggest listed clothing retailer, has reported a 16.6% rise in half-year (H1) profit. Sales rose 8.6%, to R8.5 billion.

According to the company, diluted headline earnings totalled 406.8 cents/share in H1, to end September. For this same period last year, the company saw earnings of 349 cents/share. Furthermore, shares in the company rose 3.51% to R206.50.

Mr Price chief executive officer Stuart Bird has said that although SA's economy isn't in great shape and consumer confidence is low, Mr Price's resilient fashion value model is built to endure such challenges.

Official data showed that SA's retail sales grew 2.7% year-on-year in September.

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