Mr Price has reported impressive sales growth in the first quarter of its financial year, successfully gaining market share despite challenges towards the end of the period. The retailer saw a 6.3% increase in retail sales, reaching R9 billion for the quarter ending June 28, while comparable store sales grew by 3%.
During this period, Mr Price achieved a market share gain of 10 basis points, outperforming the overall retail sales growth in the comparable market. Over the past year, the brand captured more than R300 million in market share from its competitors, showcasing the strength of its unique fashion-value proposition.
The company enjoyed strong trading conditions in April and May, bolstered by early winter demand and the timing of Easter. However, June presented difficulties due to the shift in school holidays and a challenging comparison to last year’s figures, leading to increased discounting. Despite this, Mr Price exited the winter season with well-managed stock and rebounded in early July with double-digit sales growth.
Performance across its various divisions was positive, with the core apparel business remaining stable, homeware showing signs of recovery, and telecoms extending their growth. Online sales, particularly in homeware, also experienced improvement.
Looking ahead, Mr Price is optimistic about continued profitable growth, supported by new store openings and careful capital management. The company anticipates an annual space growth of about 4%, aiming to meet its high return thresholds. The focus remains on driving consistent performance in its key growth areas—apparel and telecoms—while strategic enhancements in the homeware segment have yielded positive results. With disciplined fiscal practices and a clear capital allocation strategy, Mr Price is confident in achieving its medium-term objectives and ensuring sustainable long-term returns.