MPC - Mr Price Group Limited - Trading update for third quarter (Q3 FY2011)

MPC - Mr Price Group Limited - Trading update for third quarter (Q3 FY2011)     
Mr Price Group Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1933/004418/06)                                            
ISIN:  ZAE000026951                                                             
Share Code: MPC                                                                 
("Mr Price Group" or "the Group" or "the company")                              
TRADING UPDATE FOR THIRD QUARTER (Q3 FY2011)                                    
During the third quarter (October, November and December) of the financial      
year ending 31 March 2011, Mr Price Group recorded sales growth of 10.4% over   
the comparable period of the prior year ("comparable period"). The Group        
achieved sales growths of 7.5%, 10.7% and 12.0% in October, November and        
December respectively. The Group`s largest chain, Mr Price Apparel, achieved    
sales growth of 12.8% in December 2010 on a high base set in December 2009,     
when sales increased by 16.4%. Sales by the chain exceeded R1 billion for the   
first time in a trading month. Group comparable sales grew by 7.9% for the      
quarter and by 9.5% in December. Sales to franchised stores are excluded from   
these comparisons.                                                              
Merchandise inflation for the period was 2.9% and cash sales constituted 82.3%  
of total sales. All chains` gross profit percentages exceeded those achieved    
in the comparable period and were better than anticipated.                      
The Apparel Division (Mr Price, Mr Price Sport and Miladys), which represented  
73.2% of sales, achieved sales growth for the quarter of 10.3% (December        
11.6%) with comparable sales growth of 6.0% (December 7.3%). Weighted average   
space increased by 2.2% and inflation of 3.1% was recorded for the quarter.     
The Home Division (Mr Price Home and Sheet Street) achieved sales growth for    
the quarter of 10.9% (December 13.1%) and comparable sales growth of 12.7%      
(December 15.5%). Weighted average space decreased by 4.4% and inflation of     
2.5% was recorded for the quarter.                                              
Strong collections from debtors has resulted in bad debt levels showing         
further improvement over that reported in the interim results to 30 September   
2010.                                                                           
The financial figures above have not been reviewed and reported on by the       
company`s external auditors.                                                    
Durban                                                                          
13 January 2011                                                                 
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 13/01/2011 08:00:01 Supplied by www.sharenet.co.za                     
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