Fashion discount retailer Mr Price’s year-end results showed a proverbial tale of halves. The second half of the financial year was much better than the first, reflecting the pent-up consumer demand as the lockdown restrictions eased.
Mr Price, which largely serves low- to middle-income consumers, said its headline profit grew 21.6% in the second half as it gained market share across its main apparel division in particular, helping to soften the blow that characterised the first half as a result of the hard lockdown measures, which cost the company about R1.8bn in lost sales due to store closures...