Value fashion and homeware retailer Mr Price Group says it opened 184 new stores during its 2025 financial year, expanding its total footprint to over 3,000 stores across South Africa.
This store growth supported a 4.3% increase in trading space and contributed to the company’s continued market share gains and strong financial performance.
The group opened its 3000th store at The Mutual Mall in November 2024, bringing total stores to 3,030 in the current financial period.
The group acquired Yuppiechef in 2021, followed a year later by the R3.3 billion purchase of a 70% stake in the Studio 88 Group—owner of brands such as SideStep, John Craig, and Skipper Bar—adding more than 700 stores to its portfolio.
For the 52 weeks ended 29 March 2025, Mr Price reported a 7.9% increase in total revenue to R40.9 billion, alongside a record operating profit of R5.8 billion, an 8.9% rise from the previous year.
The company’s gross profit margin expanded by 80 basis points to 40.5%, while operating margin increased to 14.2%. Diluted headline earnings per share grew by 10.1% to 1,379.3 cents.
The group’s retail sales rose 7.8%, with online sales increasing 7.9%, reflecting the success of Mr Price’s omni-channel strategy. Comparable store sales increased 3.4%, accelerating to 5.7% in the second half of the year, which also saw a notable sales momentum despite a slower retail February and a shift in school holidays.
Mark Blair, Group CEO, said: “The first half of the financial year was challenging for the retail sector but improved in the second half. We are very satisfied to have gained similar levels of market share in both periods, reflecting the value we were able to provide our customers despite very different economic conditions. The growth in sales momentum through the second half was supported by strong comparable store sales growth and GP margin gains across all trading segments.”
Key highlights include:
Revenue exceeding R40 billion for the first time
Retail sales growth of 7.8% (H2: 9.9%) with market share increasing 50 basis points
Gross profit margin expanding 80 basis points
Record operating profit of R5.8 billion, up 8.9% (H2: 11.7%)
Cash generated by operations reaching R8.7 billion, contributing to a cash balance of R4.1 billion
Diluted headline earnings per share increasing 10.1% (H2: 12.1%)
The Apparel segment led growth with retail sales rising 7.9% to R31.4 billion, alongside strong market share gains and improved gross margins. The Homeware segment continued its recovery with 6.4% retail sales growth, driven by improved margins and strong brand equity. The Telecoms segment saw a 13.2% increase in sales, boosted by the launch of the group’s private label device Salt and high accessories attachment rates.
Blair added: “We have a strong but disciplined growth mindset. Our team has evaluated many opportunities and declined most. Our three acquisitions in recent years have delivered a combined operating profit of R1.2 billion in FY2025 and continue to be earnings accretive. Our focused research is ongoing to identify the next growth vehicle that will support the achievement of our long-term vision.”
“While there is a great deal of uncertainty around us, our team is extremely focused on delivering consistently strong earnings performances. Our strategy is clear, and we remain sharply focused on executing our proven business model.”
Looking ahead, Mr Price anticipates continued growth with plans to open approximately 200 new stores in the coming year and increased investments in store revamps, supply chain, and technology.
