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Mr Price posts slow Q3 sales growth on lower clothes, Black Friday sales

This also resulted in lower Black Friday sales in November, while in December school holidays commenced a week later than the corresponding period, the group said in a statement.

Picture: MRPFASHION/Facebook

JOHANNESBURG - South African retailer Mr Price Group Ltd reported a much slower sales growth for the third quarter, as financially constrained consumers spent less on clothes during the crucial months of November and December.

An increase in value-added tax, a rise in unemployment and inflation levels, coupled with higher fuel prices and an interest rate increase in November have reduced spending power in South Africa, Mr Price’s largest market.

This also resulted in lower Black Friday sales in November, while in December school holidays commenced a week later than the corresponding period, the group said in a statement.

During the three months ended 29 December, group retail sales and other income grew 3.5% to R7.1 billion, while total sales of R6.7 billion were 2% higher. This compared with an 8.5% increase in total sales in the corresponding period.

Comparable store sales were down 0.8%.

Mr Price, known for its no-frills clothing and furniture stores, has grown for more than three decades by undercutting competitors and catering to thrifty shoppers’ fashion needs. But it too was not immune to the deteriorating South African consumer confidence.

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