Wednesday, 18th January 2017
South Africa News HeadlinesMr Price CFO sells down stake
Johannesburg Mr Price Groups CFO Mark Blair on Tuesday sold shares in the company worth R500 000. This, coincidentally, was the same day that the company reported a lacklustre trading update, which saw its stock lose some ground before recovering the end the day at R156.00. On Wednesday morning, it was trading as much as a percent lower when compared to its opening price. Blair sold 3 230 shares on the open market at a price of R158.50 in a deal worth R511 955. Mr Price said on Tuesday that income grew 0.4 percent in the three months to December, while inflation was above 10 percent.Read also: Inflation knocks Mr Price sales In a statement the company said total sales came in at R6.4 billion, while retail sales were R6.1 billion, 0.5 lower year-on-year. Stripping out the bonus of 53 weeks in the year to April, Mr Price said sales growth in its wholly-owned stores came in at between 5 percent and -0.6 percent. All its brands, which includes Miladys and Sheet Street, experienced declines when it comes to comparable store sales which strips out additional stores, with the exception of Sheet Street. On the same like-for-like basis, monthly sales growth reflected an improving trend in festive season trade. Group sales in December increased by 3.9 percent. BUSINESS REPORT ONLINE
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