Investors unimpressed as Mr Price shows Christmas sales drop

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Cape Town - Investors reacted negatively to news that retailer Mr Price [JSE:MRP] recorded a 0.5% drop in total sales to R6.1bn in its third quarter to December 31. The stock showed a 4.63% drop to R156.27 on the JSE shortly before noon.

The company recorded growth in retail sales and other income of 0.4% to R6.4bn over the corresponding period in the prior year, the group announced on Tuesday. On a reporting week basis which adjusts for a 53rd week in the base and is a more accurate basis on which to measure performance, sales growth in corporate owned stores was as follows:

 - MRP Apparel: total comparable sales -1.1%; store sales -3.3%;
 - MRP Sport: total comparable sales 2.6%; store sales -4.9%;
 - Miladys: total comparable sales -0.6%; store sales -1.2%;
 - MRP Home: total comparable sales 1.2%; store sales -1.0%;
 - Sheet Street: total comparable sales 5.0%; store sales 4.8%; and
 - Total: total comparable sales 0.0%;  store sales -2.2%.

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