SA’s Mr Price sees HI earnings up 25-35%

JOHANNESBURG – South African clothing retailer Mr Price expects earnings for the six months to September to rise by up to 35 per cent, the company said yesterday.

“Shareholders are advised that headline earnings per share for the period are likely to range between 25 per cent and 35 per cent higher than the corresponding reporting period of the previous year,” the company said. Mr Price, which owns the popular Mr Price and Milady’s clothing chains, posted headline earnings per share of 26 cents for the half year to end September 2003.Headline EPS strips out exceptional items and their tax effects.South African retailers have posted impressive numbers over the last couple of years due to buoyant consumer demand boosted by record low interest rates and low inflation.Prime lending rates offered by retail banks stand at 11 per cent while the last reading of the targeted Consumer Price Index less interests on mortgages was 3,7 per cent.The central bank’s target range is three per cent to six per cent.Mr Price’s biggest competitor Edgars Consolidated Stores (Edcon), which publishes half year results next week, anticipates an improvement of up to 80 per cent.Mr Price publishes its results on November 17.Shares in the group dipped 0,42 per cent to 9,56 rand by 0735 GMT underperforming the JSE Securities Exchange’s midcap index which slipped 0,02 per cent lower.-Nampa-ReutersMr Price, which owns the popular Mr Price and Milady’s clothing chains, posted headline earnings per share of 26 cents for the half year to end September 2003.Headline EPS strips out exceptional items and their tax effects.South African retailers have posted impressive numbers over the last couple of years due to buoyant consumer demand boosted by record low interest rates and low inflation.Prime lending rates offered by retail banks stand at 11 per cent while the last reading of the targeted Consumer Price Index less interests on mortgages was 3,7 per cent.The central bank’s target range is three per cent to six per cent.Mr Price’s biggest competitor Edgars Consolidated Stores (Edcon), which publishes half year results next week, anticipates an improvement of up to 80 per cent.Mr Price publishes its results on November 17.Shares in the group dipped 0,42 per cent to 9,56 rand by 0735 GMT underperforming the JSE Securities Exchange’s midcap index which slipped 0,02 per cent lower. -Nampa-Reuters