Mr Price (MRP) – All is not well at Home

MRP delivered strong results for 1H18, however, the results did benefit from a soft 1H17 base and our analysis of longer term volume trends show that units sold in this period were slightly less than that of 1H15, even though space increased by 17% since then. More concerning for us are the trends in the homeware chains, as MRP Home’s units sold have been declining consistently since FY13.