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Mr Price shares leapt by nearly 12 percent on the bumper annual dividend declared during 53 weeks ended April 3 and as it announced it had gained market share despite Covid-19 restrictions that rocked the retail sector during the year under review. Photo: Siphiwe Sibeko/Reuters
Mr Price shares leap on bumper annual dividend
By Dineo Faku
Share
JOHANNESBURG - MR PRICE shares leapt by nearly 12 percent on the bumper annual dividend declared during 53 weeks ended April 3 and as it announced it had gained market share despite Covid-19 restrictions that rocked the retail sector during the year under review.
The share price closed the day 11.2 percent higher at R220.47.
Mr Price Group
Thanks to a strong recovery in recent months, Mr Price managed to increase its annual headline earnings per share by almost 2% - despite its stores being closed for a month during hard lockdown a year ago, which cost the group an estimated R1.8 billion in lost sales.
Headline profit in the second half of its financial year grew by 21%, with sales rising almost 9% in that six-month period. Both its homeware and cellphone sales achieved double-digit growth.
Total revenue from continuing operations fell by 2.9% to R22.3 billion with retail sales down 2.4%. Credit sales declined almost 15%, while cash sales now represent 86% of all sales. Online sales grew by 64%, but still only contributes 2% of group sales.