SA’s Mr Price posted a 5.8% rise in retail sales
25 January 2021 | Business
The budget clothing and homeware retailer said total retail sales increased to R 7.5 for the three months ended Dec. 26, with the apparel division posting a 3.9% rise.
Economic assistance provided by the government and private sector from the start of the Covid-19 pandemic provided temporary financial relief to households and supported consumer spending, helping the group's combined retail sales for October and November rise 5.9%, Mr Price said.
The home division continued its positive performance, with quarterly sales up 10.6% as demand for household merchandise remained high.
The company's sales update came a day after data showed South African retail sales fell more than expected in November, despite deeper Black Friday discounts and month-long promotions.
Mr Price said it outperformed the market in November and that during the Black Friday week all divisions gained market share and its online sales jumped 81.1% during November.
Despite the emergence of a second wave of Covid-19 in December, sales during the crucial holiday month grew 5.6%.
Looking ahead amid the second wave of Covid-19 and latest restrictions, Mr Price said households are likely to be cautious in their spending due to negative impacts on income and the end of government support initiatives. - Nampa/Reuters