Mar 28, 2017 Last Updated 9:05 AM, Mar 28, 2017

Mr Price reports 23% increase in earnings

ABN – South African retailer Mr Price has reported a 23% jump in its first-half earnings.

The company’s focus on budget-conscious shoppers and cash sales has helped it ride out the current weak consumer markets.

The clothing, household goods and sporting equipment seller has been focusing on boosting its cash sales to insulate itself from the souring consumer debt.

Its cash sales have increased by 18% and now account for 80% of the company’s overall sales.

Headline earnings per share came to 349 cents from 283.6 cents last year.

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Spar profits increase due to Irish acquisition

Spar yesterday reported a 12.6% growth in full-year profit having been helped by the recent acquisition of Irish food and wholesale distribution company‚ the BWG Group.

The South African retailer said diluted headline earnings per share (HEPS) rose to 730.4c from 648.6c the this point last year. This being despite tough market conditions and consumers remaining under pressure.

Group turnover increased by 15% to R54.5bn during the period and profit after tax increased from R1.2bn this time last year to R1.3bn.

In a statement the company said that "the consolidation of two months (of) results of BWG made a meaningful financial contribution in the year under review."

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Mall for Africa connects African consumers to international retailers

ABN – African consumers can now purchase items and have them delivered locally from North American and European shops courtesy of Mall for Africa.

The online mall allows its African users to shop on North American and European retail websites.

Website founders Chris Folayan and Tope Folayan said: “The concept of the business is based on the need to provide a seamless, easy, secure and efficient way for Africans to shop directly from international stores.

“They can select the items they want and with two clicks have the items purchased and shipped to them in Africa.”

The website offers a no-fee neutral brand reloadable web card payment system to customers, which allows them to purchase goods from international stores.

Customers can chose from the door-to-door delivery or pick up point option for the delivery of their items.

Mall for Africa CEO Tope Folayan said: “We pretty much built what I believe is the world’s first virtual mall.

“Foreign companies usually don’t accept individual transactions via local credit cards but because of Mall for Africa, they now do.

“What Mall for Africa does in this regard is to act as conduit between the online shopper and the merchant in more than 80 shops in the United States of America and the United Kingdom.”

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