CASH SALES BOOST MR PRICE
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.