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Johannesburg - Retail company Mr Price Group [JSE:MPC] said on Thursday its total sales for the first four months of the financial year ending March 2011 - the 18 weeks to end-July 2010 - grew 11.9%, while comparable sales grew 8.6%.
Mr Price said in a trading statement that inflation of 0.2% was recorded and trading space increased by 2%. Cash sales constituted 82.1% of total sales.
"The apparel division, which represents 71.5% of group sales and which comprises Mr Price, Mr Price Sport and Miladys, reported sales growth for the period of 12.4% and comparable sales growth of 8.0%. Deflation of 1.2% was recorded and trading space increased by 4.4%," said the group.
The home division, comprising Mr Price Home and Sheet Street, recorded sales growth of 10.9% and an increase in comparable sales of 10.3%. Inflation of 3.4% was recorded and trading space decreased by 1.7%.
The group said as a result of continued market share gains, the recovery of the previously underperforming divisions and the healthy state of the debtors' book, the company expects basic, headline and core headline earnings per share for the six months ending September 2010 to increase by more than 20% over the comparable period.
"However, given the early stage in the interim reporting period, the company cannot yet forecast with any degree of certainty the results to September 30 2010 and a further announcement will be made once this is possible," the group said.
Comings and goings
Mr Price also announced that Stuart Bird has been appointed CEO. Bird was MD of the Mr Price Apparel chain for seven years, during which time he grew the chain's sales from R1.6bn to R4.5bn and significantly improved operating margins and market share.
He was appointed deputy CEO in May 2009. He is a chartered accountant and has been with the group for 16 years.
Alastair McArthur, current CEO and whose appointment as executive deputy chairperson was announced in May 2009, has been appointed executive chairperson in line with the group's stated policy of having a chair with substantial expertise in fashion value retailing.
Stewart Cohen and Laurie Chiappini, who are presently joint chairpersons and were founders of the Mr Price business, have been appointed honorary chairpersons. They will both remain non-executive directors of the company and will continue to maintain their involvement and investment in Mr Price.
These changes are effective immediately.
Mr Price said in a trading statement that inflation of 0.2% was recorded and trading space increased by 2%. Cash sales constituted 82.1% of total sales.
"The apparel division, which represents 71.5% of group sales and which comprises Mr Price, Mr Price Sport and Miladys, reported sales growth for the period of 12.4% and comparable sales growth of 8.0%. Deflation of 1.2% was recorded and trading space increased by 4.4%," said the group.
The home division, comprising Mr Price Home and Sheet Street, recorded sales growth of 10.9% and an increase in comparable sales of 10.3%. Inflation of 3.4% was recorded and trading space decreased by 1.7%.
The group said as a result of continued market share gains, the recovery of the previously underperforming divisions and the healthy state of the debtors' book, the company expects basic, headline and core headline earnings per share for the six months ending September 2010 to increase by more than 20% over the comparable period.
"However, given the early stage in the interim reporting period, the company cannot yet forecast with any degree of certainty the results to September 30 2010 and a further announcement will be made once this is possible," the group said.
Comings and goings
Mr Price also announced that Stuart Bird has been appointed CEO. Bird was MD of the Mr Price Apparel chain for seven years, during which time he grew the chain's sales from R1.6bn to R4.5bn and significantly improved operating margins and market share.
He was appointed deputy CEO in May 2009. He is a chartered accountant and has been with the group for 16 years.
Alastair McArthur, current CEO and whose appointment as executive deputy chairperson was announced in May 2009, has been appointed executive chairperson in line with the group's stated policy of having a chair with substantial expertise in fashion value retailing.
Stewart Cohen and Laurie Chiappini, who are presently joint chairpersons and were founders of the Mr Price business, have been appointed honorary chairpersons. They will both remain non-executive directors of the company and will continue to maintain their involvement and investment in Mr Price.
These changes are effective immediately.
