South Africa’s Mr Price First-half Profit Rises 24 Percent

South Africa’s Mr Price reported a 24 percent rise in half-year profit on Monday, buoyed by the retailer’s core clothing division.

Mr Price, known for its no-frills clothing and furniture stores, posted diluted headline earnings per share of 434.1 cents for the six months to end-September, versus 351.2 cents in the corresponding period last year.

The retailer said earnings growth was driven by its apparel division, the Miladys chain of woman’s clothing stores and its financial services unit.

“The positive early signs of summer trading are encouraging, with October sales increasing by 8.3 percent and further momentum being gained going into November,” Mr Price said.