Mr Price Extends Gains as Full-Year Earnings Beat EstimatesJanice Kew
Mr Price Group Ltd., a South African clothing, furniture and linen retailer, extended gains after full-year earnings beat estimates as sales improved at its apparel chain.
Earnings per share adjusted for one-time items gained 26 percent to 6.355 rand in the year through March, the company said today in a statement. That beat the 5.85-rand median estimate of 11 analysts surveyed by Bloomberg.
The stock rose 0.4 percent to 128.50 rand by the 5 p.m. close in Johannesburg. Mr Price has climbed 11 percent since April 10 when the company said earnings rose by at least 20 percent.
“In the short-term, there are some serious challenges facing consumers,” Chief Executive Officer Stuart Bird said in the statement. “Under tight economic conditions, shoppers tend to shop for value” and Mr Price is “well placed to attract more customers.”
Net income advanced 26 percent to 1.54 billion rand ($162 million), the company said. Sales increased 13 percent to
13.7 billion rand. The retailer boosted the full-year dividend 27 percent to 3.98 rand a share.