Budget retailer Mr Price posts lower comparable sales
(Reuters) - South African budget retailer Mr Price Group on Thursday posted a 2.5% drop in comparable store sales for the first four months of its financial year, but said it was seeing signs of recovery into the spring and summer.
Mr Price, known for its no-frills clothing and furniture stores, said a tough retail environment in South Africa, highlighted by a constrained consumer spending, had hit performance in the 18 weeks to Aug. 3.
It said a detailed review of its merchandise process was expected to benefit performance in the second half and that its winter inventory was cleared to "acceptable levels".
Group retail sales over the period inched 0.6% higher, but rose 3.6% in the last two weeks of the period, it said in a trading update.
(Reporting by Shashwat Awasthi in Bengaluru)
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