Mr Price reports R7.5bn in sales growth for most of the last quarter of 2020

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Mr Price store front .(Supplied - Mr Price Group)
Mr Price store front .(Supplied - Mr Price Group)
Mr Price Group

The self-proclaimed cash-based, fashion-value retailer Mr Price has reported that it has grew its retail sales by 5.8% to R7.5 billion for most of the last quarter of 2020.

The group said in a trading statement to shareholders on Friday for the 13 weeks ended 26 December 2020, that cash remained the preferred way that customers paid.

In the period under review, cash sales grew by 8.2%, constituting 86.8% of total sales. Credit sales decreased by 7.6% and "the group continued its conservative credit granting posture". 

Due to the second wave of Covid-19, consumers are still working from home and this has been advantageous to Mr Price's home segment as it recorded the largest sales growth of 11.1% in the group.

Milady's was the weakest performer with sales contracting by 10.4%.

The Durban-based retailer said the performance of the group's diversified store footprint continues to favour convenient locations ahead of its large regional stores.

Black Friday was a disappointment to all, with StatsSA reporting on Thursday that retail sales decreased by 4% for November.

Mr Price reported that during the Black Friday week all of the group’s divisions gained market share and the group grew online sales 81.1%.

For the first three weeks of 2021 Mr Price reported that group retail sales grew 5.3%.

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