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Voluntary Sales Update for the 13 weeks ended 27 December 2025
Mr Price Group Limited
Registration number 1933/004418/06)
Incorporated in the Republic of South Africa
ISIN: ZAE000200457
LEI number: 378900D3417C35C5D733
JSE and A2X share code: MRP
("Company" or "group")
VOLUNTARY SALES UPDATE FOR THE 13 WEEKS ENDED 27 DECEMBER 2025
For the third quarter from 28 September 2025 to 27 December 2025
("Period") of the financial year ending 28 March 2026, Mr Price
Group's retail sales increased by 3.6% to R15.1bn against a strong
sales growth base of 10.6%. During the Period the group maintained
market share and gained further market share in its core market of
South Africa (including the key month of December), as its retail
sales grew ahead of the market's growth of 1.6% per the Retailers'
Liaison Committee (RLC).
Group Q3 performance
The group previously reported in its interim results outlook (20
November 2025) that retail sales for the first 7 weeks of H2
increased 3.3%. Retail sales in October increased 1.8%, ahead of
the market's growth of 1.3% (RLC). Sales growth improved into the
first two weeks of November, however momentum slowed in the
remaining two weeks of the month, closing with sales growth of
1.1%, slightly ahead of the market's growth of 1.0% (RLC).
Sales grew 3.8% in the last 6 weeks of the Period (base: +12.3%),
supported by sales growth of 5.9% in the key trading month of
December (base: +12.8%) which was ahead of the market's growth of
3.0% (RLC).
The base effects in the quarter were mainly driven by the
withdrawals from retirement savings as South Africa introduced the
two-pot retirement system. While interest rates and inflation have
declined, the discretionary retail consumer environment throughout
most of 2025 remained muted as disposable income growth continued
to be absorbed by high household debt servicing costs and the
diversionary spend into online betting and other categories.
Group GP margin decreased 20bps during the Period, however the
group anticipates that GP margin for the financial year ended March
2026 will at least be maintained at FY2025 levels. Management is
comfortable with both the current cash position of the group and
the shape of stock heading into Q4 of FY2026. Adequate plans have
been made to achieve targeted closing inventory levels at the end
of the financial year.
Retail sales for the group's corporate-owned stores was as follows:
Retail sales Cont. to
growth retail sales
Q3 FY2026 vs FY2025
Apparel segment 3.2% 83.1%
Homeware segment 4.5% 14.0%
Telecoms segment 11.0% 2.9%
Group 3.6% 100.0%
Group retail sales grew 3.6% to R15.1bn and comparable store sales
increased 0.5%. South African retail sales grew 3.9% to R14.1bn
while non-South African corporate-owned store sales increased 0.6%
to R1.0bn.
Total store sales increased 3.6% while online sales increased 3.5%.
Online sales accelerated in December to 8.3% against a solid
double-digit base in the corresponding period. Retail selling
price inflation was 5.2%, and total unit sales decreased 1.5% to
109m.
The group's total store footprint expanded to 3 164, increasing by
64 stores (net) during the Period. Trading space increased 3.5% on
a weighted average basis.
Cash sales, which constitute 90.9% of total retail sales, increased
3.7% while credit sales increased 2.9% as the group continued to
manage its credit granting prudently.
Retail sales in the Apparel segment grew 3.2% during the quarter
while comparable store sales for the Period increased 0.4%. The
group's three largest apparel divisions, Mr Price Apparel, Studio
88 and Power Fashion sales' growth all outperformed the market
(RLC). In the key month of December, retail sales for the Apparel
segment were up 6.0% (base: +13.2%) and the segment achieved its
highest market share level on record in the month of December.
Studio 88 reported growth of 7.7% (base: +12.3%) during the Period,
and delivered a strong December performance with sales growth of
12.3% (base: +14.0%).
The Homeware segment's retail sales increased 4.5% and comparable
store sales increased 1.7%. Despite a decline in the segment's
market share of 100bps (RLC), all homeware divisions grew GP
margins in accordance with the group's focus of improving
profitability. Yuppiechef's strong performance continued, growing
sales by 10.1% in the Period (base: +26.5%).
The Telecoms segment increased retail sales by 11.0% outperforming
the comparable market and increasing market share by a further
30bps according to GfK (November 2025, latest available data). The
segment grew its GP margin and continued to expand its
profitability.
Other income increased 1.9% to R320m due to lower debtors' interest
and fees from the group's retail debtors' book, as the repo rate
decreased 100bps compared to the corresponding period.
Outlook
Indications are that the South African economic growth outlook for
2026 is improving. Growth is expected to be supported by low and
stable inflation, expected further interest rate cuts, positive
effects from the strong commodity cycle and continued currency
strength against the dollar. However, the international political
and economic environments are uncertain and could hold risk for
South Africa's improving prospects. The retail sector should
benefit from the healthier macroeconomic environment supporting
increased flowthrough of disposable income to discretionary
categories.
In the first four weeks of January, the group delivered solid sales
growth of 4.2% against a high base of 16.0%. However, the Q4 base
is softer at 7.6% growth.
Management continues to be focused on stock management, free cash-
flow generation and sustainable margin expansion.
The above-mentioned figures and information contained herein do
not constitute an earnings forecast or estimate and have not been
reviewed and reported on by the Company's external auditors.
Durban
28 January 2026
JSE Equity Sponsor and Corporate Broker
Investec Bank Limited
Date: 28-01-2026 07:05:00
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