Retailer Mr Price has warned that first-half profits will fall by a fifth as Covid-19 batters the economy and eats into consumers’ income, but says it has gained market share.
The group expects headline earnings per share for its six months to September 28 to fall at least 20%, and has warned it expects consumers’ disposable income to fall even further as unemployment rises and savings are depleted. “Despite this, performance exceeded internal expectations and the group has gained market share for four months in a row to June 2020,” the latest period for which“This is a strong signal that its everyday low price and fashion-value model has enabled customers to find value despite the extremely challenging economic environment,” the group’s trading update said.
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