Advertise with

Mr Price shares extend gains
Mr Price shares extend gains

Mr Price shares extend gains


IOL Business/ Bloomberg News - May 23rd, 15:12

Johannesburg - Mr Price Group, extended gains after full-year earnings beat estimates as sales improved at its apparel chain. 

Earnings per share adjusted for one-time items gained 26 percent to 6.355 rand in the year through March, the company said today in a statement.

That beat the 5.85-rand median estimate of 11 analysts surveyed by Bloomberg.

The stock rose 1.2 percent to 129.50 rand at 2:35 p.m. in Johannesburg.

Mr Price has climbed 13 percent since April 10 when the company said earnings rose by at least 20 percent.

“In the short-term, there are some serious challenges facing consumers,” chief executive Stuart Bird said in the statement.

“Under tight economic conditions, shoppers tend to shop for value” and Mr Price is “well placed to attract more customers.”

Net income advanced 26 percent to 1.54 billion rand ($162 million), the company said.

Sales increased 13 percent to 13.7 billion rand.

The retailer boosted the full-year dividend 27 percent to 3.98 rand a share. - Bloomberg News  

Related News

Clicks climbs after annual results
25/10/2013 - 11:12
Johannesburg - South African beauty and pharmaceutical retailer, Clicks, has said trading over the Christmas holiday season is critical to its fiscal 2014 performance as consumer spending remains weak

Asian shares rise after Wall St rally
23/10/2013 - 09:52
Hong Kong - Asian markets mostly rose on Monday, with sentiment buoyed by last week's deal in Washington to avert a default as well as a record close on Wall Street.

China’s consumer inflation rises
21/10/2013 - 10:58
hina's consumer price index (CPI), a key measure of inflation, climbed to 3.1 percent year-on-year in September, the government has said.

SA’s GDP growth likely to stay at 2.0%
18/10/2013 - 09:14
Johannesburg - The softer global economy and weak domestic business and household confidence are expected to keep South African GDP growth at 2.0% this year with a marginal pick-up to 2.8% in 2014.

Walmart accelerating U.S. small store growth; upping tech investments
17/10/2013 - 11:18
Bentonville, Ark. - Wal-Mart Stores detailed a number of moves, including opening smaller stores in the United States, cutting back on overseas growth and increasing its investments in technology and e-commerce, on the occasion of the company’s 20th annual investor meeting.