JOHANNESBURG (Reuters) – South African fashion and homewares retailer Mr Price on Wednesday reported a 10.6% growth in Christmas-quarter sales, citing improved consumer spending.
The discount retailer, which also owns high-end homeware chain Yuppiechef and branded sneaker stores Studio 88, said its comparable store sales in the third quarter ended Dec. 28 grew by 6.3%. Its total sales came in at 14.6 billion rand ($788 million).
Sales in its clothing division, which contribute 83.4% to the total figure, grew by 10.9%. Meanwhile, its homeware business increased sales by 7.9% and telecoms, which sells cellphones, rose 16.5%.
The retailer, which operates 3,031 stores, said it sold more products at full price than in the corresponding period a year ago, improving its gross profit margin.
“A steadily improving consumer environment, aided by decreasing inflation and lower interest rates, continues to build a solid platform for growth in comparison to recent years,” the company said in a statement.
($1 = 18.5371 rand)
(Reporting by Nqobile Dludla; Editing by Varun H K)
