Mr Price’s sales up after expansion

LISTED retailer Mr Price recorded sales growth of 20,3 per cent during the third quarter of the financial year ending March 31 2009, the company said yesterday.

Comparable sales, which includes sales of expanded and relocated stores in like-for-like locations, grew by 15,3 per cent.
Inflation for the period was 6,3 per cent and cash sales constituted 84,3 per cent of total sales, the company said.
A net 21 stores were opened during the quarter bringing the total number of stores to 948. The Apparel Division (Mr Price, Mr Price Sport and Miladys), which represented 72 per cent of sales, achieved sales growth for the quarter of 25,7 per cent with comparable sales growth of 21,8 per cent.
Weighted average space increased by 6,3 per cent and inflation of 5,3 per cent was recorded for the quarter.
The Home Division (Mr Price Home and Sheet Street), which represented 28 per cent of sales, continued to be affected by the reduced consumer spend on durable and semi-durable products which included homewares, Mr Price said.
Sales growth of 8,2 per cent, with comparable sales growth of 1,7 per cent, was recorded.
Weighted average space increased by 12,1 per cent and inflation of 7,1 per cent was recorded for the quarter.
‘The debtors’ book remained well controlled from both a credit granting and a collections perspective, resulting in bad debt levels in line with that reported for the half year ended September 30 2008,’ the company added. – Nampa-Sapa