November 22, 2018 / 5:32 AM / 22 days ago

South Africa's Mr Price H1 earnings rise 11.6 pct

JOHANNESBURG, Nov 22 (Reuters) - South African clothing retailer Mr Price Group Ltd posted an 11.6 percent rise in half-year earnings on Thursday, boosted by sales growth in its apparel and homeware segments.

Mr Price, known for its no-frills clothing and furniture stores, posted headline earnings per share (HEPS) of 494.3 cents for the six months ended September, compared with 442.9 cents a year earlier. Diluted HEPS rose 11.1 percent.

Headline earnings per share is the main profit measure in South Africa and strips out certain one-off items.

Mr Price, which has grown for more than three decades by undercutting competitors and catering to thrifty shoppers’ fashion needs, said retail sales increased 6.6 percent to 9.7 billion rand ($696.60 million), while comparable store sales rose 3.9 percent. ($1 = 13.9248 rand) (Reporting by Nqobile Dludla; Editing by Subhranshu Sahu)

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