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South Africa's Mr Price posts first annual profit drop in 16 years

May 30 South Africa's Mr Price Group Ltd posted a 12 percent drop in full-year earnings, the first drop in annual profit since 2001, as consumers struggle in a sluggish economy.

 

Diluted headline earnings per share fell to 887.9 cents in the year to end-March, from 1,012.9 cents in the previous year.

 

"Consumer confidence remained low as a result of the poor state of the local economy and a lack of faith in the current political leadership's ability to set high standards of governance and deliver inclusive growth," the company, which also sells home ware and furniture, said in a statement on Tuesday.

 

Mr Price maintained its full-year dividend at 667 cents per share.

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