Mr Price in right gear in bad climate

CLOTHING and homeware retailer Mr Price posted a 15,1percent rise in half-year headline earnings per share - and said the tough trading climate was expected to continue well into 2010.

CLOTHING and homeware retailer Mr Price posted a 15,1percent rise in half-year headline earnings per share - and said the tough trading climate was expected to continue well into 2010.

The group, which sells low-cost clothes, said yesterday headline earnings per share for the six months to end September grew to 101,5 cents while retail sales went up 10,8percent to R4,3billion.

Mr Price said its interim dividend had been set at 46,2 cents. South African retailers have faced tough trading conditions as consumers rein in spending due to a recession in Africa's biggest economy.

But some, like Mr Price, who offer cheaper products than rivals Foschini and Truworths, have fared better.

Shares in Mr Price, which have risen by over 46percent in the last year, were 2percent higher at R33,60 at one point yesterday, outperforming the JSE retailers index of 0,3percent. - Reuters

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