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Mr Price profit grows 48%

May 26 2011 08:54 Reuters

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Johannesburg - South Africa's third-biggest listed apparel retailer Mr Price Group [JSE:MPC] booked a 48% rise in full-year profit as cash-strapped consumers flocked to its no-frills stores.

Mr Price, which runs discount stores of the same name, said on Thursday diluted headline earnings per share (EPS) totalled 388.8 cents in the year to end-March compared with 263 cents a year earlier.

Headline EPS, which excludes certain one-off items, is the primary profit gauge in South Africa.

However, the company warned that it would not match this earnings growth in the next 12 months.

"While the group expects a further increase in earnings in the year ahead, the growth will not be at the same rate as in the past year," it said in a statement.

Retailers in Africa's biggest economy have been squeezed in recent years as their customers battle with unemployment and high personal debt.

But retailers such as Mr Price, which targets the lower-end of the market, has so far fared better than larger upscale rivals Truworths International [JSE:TRU] and Foschini [JSE:FOS].

The company said revenue rose 13% to R10.9bn.
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