CASH SALES BOOST MR PRICE

Finweek English Edition - - THE WEEK -

Bud­get re­tailer Mr Price saw its earn­ings for the 53 weeks to 2 April rise 17.1% as it ben­e­fit­ted from its reliance on cash sales, which were up 9.2%. About 83% of Mr Price’s sales are for cash, com­pared with The Fos­chini Group, which de­rives just over half of its sales from credit, and Tru­worths, where credit sales to­tal about 60% of over­all sales, Busi­ness Day re­ported. Credit sales have been damp­ened by ris­ing in­ter­est rates and stricter Na­tional Credit Act rules. Mr Price’s own credit sales grew by only 2.3% year-on-year. Its div­i­dend was up 13.7% to 419c a share, the news­pa­per said.

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