Mr Price (MRP) 1H24 – Results Snapshot

Diluted HEPS of 439.5ps (-9.6% y-y).
Turnover growth +27.8% y-y boosted by Studio 88. Excluding acquisitions, turnover growth was +3.8% y-y (-0.8% y-y comp
growth). Topline growth impacted by loadshedding and highly promotional market.
GPM dropped from 39.9% in 1H23 to 38.3%% in 1H24, due to higher markdowns and dilution caused by lower-margin Studio 88.
Expenses to sales ratio rose from 28.8% to 30.1% with expense growth of 33.6% y-y (+6.1% y-y excl. Studio 88).
Operating margin dropped from 15.3% in 1H23 to 12.0% in 1H24.
Dividend of 284cps (1H23: 313cps).
Cash position drop from R3.3bn to R1.1bn (impacted by Studio 88 purchase), remains largely debt free.
Management confident margin contraction during 1H24 is temporary and mainly attributable to Q1 performance.
Sales for October +2.3% y-y, improving to 6.2% y-y in first 2 weeks of November.