Half-year profits down for Mr Price

File: Mr Price.

File: Mr Price says account applications dropped by 27-percent due to the COVID-19 economic fallout suffered by consumers. (eNCA)

JOHANNESBURG - Budget clothing and homeware group Mr Price saw its profits slide by almost 25-percent in the six months to end September.

Mr Price says account applications dropped by 27-percent due to the COVID-19 economic fallout suffered by consumers.

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The retailer says consumer transactions have declined due to less frequent visits to physical stores, but basket spend per transaction has increased by double digits.

It warns that uncertainty over lockdown restrictions will remain in the near term.

The retailer's share price is up by 6 percent on Thursday.

Source
eNCA

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