Mr Price Reports 15.5% Revenue Surge to R37.9bn

  • Mr Price Group's FY2024 revenue surged by 15.5% to R37.9bn, driven by strategic initiatives.
  • The company achieved a 30bps market share growth and exceeded R5bn in operating profit.
  • Diluted headline earnings per share increased by 6.3%, supporting a 17.8% rise in dividends.

Mr Price Group

Mr Price Group reported a 15.5% increase in revenue for the fiscal year ending 30 March 2024. The company’s financial performance reflects significant growth despite numerous challenges.

Revenue and Market Share

Mr Price Group’s revenue reached R37.9 billion, a 15.5% increase from the previous year. Excluding the recently acquired Studio 88 Group, revenue grew by 5.8% to R30.3 billion. The group also saw its market share grow by 30 basis points, according to the Retailers’ Liaison Committee.

Earnings Per Share and Dividends

Basic earnings per share rose by 5.4% to 1,276.2 cents, while headline earnings per share increased by 6.7% to 1,286.2 cents. Diluted headline earnings per share grew by 6.3% to 1,252.6 cents. The company declared a final dividend of 526.8 cents per share, a 17.8% increase, maintaining a payout ratio of 63%.

Operating Profit and Margins

Operating profit for the group exceeded R5 billion for the first time, reflecting a 7.9% increase. In the second half, diluted headline earnings per share grew by 17.4%. The gross profit (GP) margin expanded by 160 basis points to 40.6% during this period.

Challenges and Strategic Responses

Mr Price faced significant challenges, including load shedding and supply chain disruptions. Load shedding resulted in an estimated revenue loss of R226 million. However, the group achieved 100% backup power by the end of Q1. Despite these issues, the group managed to maintain robust inventory management.

Segmental Performance

Apparel Segment

Retail sales in the Apparel segment increased by 20.5% to R29.1 billion, with comparable sales up by 3.3%. Excluding Studio 88, retail sales grew by 7.9%. The largest division, Mr Price Apparel, gained market share for seven consecutive months.

Homeware Segment

The Homeware segment saw a marginal retail sales increase of 0.3% to R6.3 billion. Comparable retail sales, however, declined by 3.8%. The segment’s performance improved in the second half, aligning more closely with market growth rates.

Telecoms Segment

The Telecoms segment achieved a 10.2% increase in retail sales to R1.2 billion. Comparable sales grew by 1.5%, with Mr Price Cellular standalone stores performing strongly.

Financial Services Segment

Revenue from the Financial Services segment increased by 4.8% to R869 million. Debtors’ interest and fees rose by 12.1% due to a higher average debtors’ book and increased repo rates.

Operational Highlights

Mr Price Group opened 238 new stores, bringing the total to 2,900. Total unit sales increased by 3.8% to 292 million units, with 103 million units sourced from South Africa. The group maintained strong stock management, with gross inventory down by 4.2% and stock freshness improving by 240 basis points to 85.8%.

Financial Health

The group ended the year with a cash balance of R2.8 billion and a cash conversion rate of 86.9%. Capital expenditure amounted to R1.1 billion, primarily for new store development and backup power solutions.


Mr Price Group anticipates consumer relief in the latter half of FY2025 due to moderating inflation and potentially decreasing interest rates. The group plans to open 200 new stores and expects capital expenditure of around R1.0 billion.


Despite facing a challenging retail environment, Mr Price Group has demonstrated resilience and strategic agility. The company remains focused on delivering value to its customers and strengthening its market position.

Financial Summary

MetricFY2024Change (%)
Revenue (Excl. Studio 88)R30.3bn+5.8%
Basic Earnings Per Share1,276.2c+5.4%
Headline Earnings Per Share1,286.2c+6.7%
Diluted Headline EPS1,252.6c+6.3%
Final Dividend Per Share526.8c+17.8%
Operating Profit> R5bn+7.9%
Cash BalanceR2.8bn
Cash Conversion Rate86.9%
New Stores Opened238

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