JOHANNESBURG — South Africa’s fashion-value retailer Mr Price plans to open stores in Australia by year-end, the firm said on Tuesday, as sales growth in its home market lags its international operations.
The clothing and homeware retailer also reported a 20.2 percent rise in headline earnings per share (EPS) to 919.7 cents for the year ending March 28.
Headline earnings per share are the most important gauge in South Africa which strip out certain once-off items.
Mr Price’s sales outside South Africa, where consumers grapple with high unemployment and rising electricity costs, grew by 24.5 percent, but accounted for less than a tenth of the group’s total revenue.
In finding new markets for its stores, Mr Price had selected Australia, said the Durban-based retailer’s CEO Stuart Bird.
“Based on online testing and detailed desktop and on-the-ground research, we believe that there is an opportunity for a fashion-value retailer in Australia,” he said in a statement.
“Our plans there will commence with Mr Price opening test stores this year in time for peak festive season trade.”
The retailer declared a total dividend of 580 cents, 20.3 percent higher than in the previous year.
Shares in Mr Price had gained by 2 percent to 234.62 rand at 1350 GMT.