Mr Price Group reports 6.3% Q1 sales growth

Mr Price Group reported 6.3% retail sales growth to R9.0bn for the 13 weeks ended June 28, with comparable store sales up 3.0% and market share gaining 10 basis points.

April and May showed strong growth of 11.3% and 11.9% respectively, driven by Easter timing and winter sales. However, June sales declined 5.1% against a strong base, impacting gross profit margin which fell 20 basis points.

The group expanded by 31 stores to 3,061 total outlets. Early July sales rebounded with 12.9% growth.