Mr Price reports strong results despite looting

Mr Price released its interim results for the period ended September on Thursday, which showed the company withstood the Covid-19 headwinds and reported a strong set of results for the two weeks ended October. The group’s total revenue increased 35.2% year-on-year to R12.4-billion.

MRP Apparel, the group’s largest division has now gained market share for 19 consecutive months. However, despite the improvement, July’s civil unrest did impact Mr Price’s operations and earnings growth.

The civil unrest resulted in the looting of 111 of the company’s 1 592 stores, and it cost the company R320-million in lost sales. The company opened 48 new stores in the period. The group also acquired Yuppiechef, a privately-owned South African business focused on home and kitchenware.