Mr Price extends e-commerce offering

Value fashion retailer, Mr Price says it plans to launch online businesses for Mr Price Home, Sheet Street and Mr Price Sport, within the next six months.

Mr Price Apparel launched its online sales platform in South Africa in July 2012 and internationally in July 2013.

“Once implemented, the group will be the first retailer in South Africa to offer a universal basket – the ability to shop online at the various trading divisions and check out as a single transaction,” the group said.

Mr Price said it incurred investment costs in financial results for for the 26 weeks ended 28 September 2013 due to Mr Price Apparel opening to international markets “and Mr Price Home and Sheet Street building capacity to launch their local sites before the festive season”.

Retail sales for the 26 weeks ended 28 September 2013 increased by 14.6% to R6.9 billion, while profit from operating activities increased by 22.8% and, for the first time, exceeded R1 billion at the interim stage.

Revenue was up 14.8% to R7.15 billion, from R6.2 billion before.

Headline earnings per share (HEPS) increased by 20.4% to 305 cents and diluted headline earnings per share of 283.6 cents increased by 22%.

The dividend per share increased by 26.3% to 168.0 cents.

The opening of 24 new and the closing of 12 stores resulted  in net closing trading space increasing by 3.1% (September 2012 to September 2013).

“Although ongoing space rationalisation (closures and space reductions) continues to favourably impact profitability, we are still focused on adding good quality space (new stores and expansions) and new trading space added increased by 6.0%,” said CEO Stuart Bird.

“The online sales platform will represent a strong growth opportunity globally and will allow a cost effective test of foreign markets,” he said.

The Group plans to open 43 stores in the second half of the year.

Mr Price operates 1,041 corporate owned stores in South Africa, Botswana, Namibia, Swaziland, Lesotho, Nigeria and Ghana and 26 franchise stores in Kenya, Zambia, Tanzania, Malawi, Uganda, Mauritius, Mozambique and Rwanda.

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Mr Price extends e-commerce offering