Fashion and household goods retailer Mr Price suffers sales decline as the group shares fell the most recently in more than fourteen years!
Fashion retailer Mr Price is reportedly suffering from sales decline in South Africa.
The popular fashion retailer attributed the sales decline to "some poor fashion calls" revealing that the group shares fell the most in more than fourteen years in 2015.
"Shares dropped to a 14-year low in the second quarter of this year as unemployment of 25 percent, power cuts and rising fuel prices put pressure on shoppers. Mr Price sales were also affected by a later winter than expected" the company said.
According to South African consumer the South African household goods and clothing retailer recorded low levels of consumer confidence this year resulting in the decline.
Mr Price Group fell the most in over fourteen years as their stock dropped to a bare thirteen percent (13%) marking the group's biggest decline since March 2001 and traded at 207.01 rand at the close in Johannesburg also their lowest since October 20.
The shares are down twelve percent (12%) this year with the company valued at fifty-five (55) billion rand ($4.1 billion)
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