Mr. Price H1 17A results in line with ACe

MRP group revenue and other income grew by 1.6% y/y to ZAR 9.1bn in H1 17A (ahead of ACe of 0.9% y/y), mainly driven by a weaker performances in MRP apparel, which declined by 0.5% y/y (ACe: +0.1%) and Milady’s declining by -11% y/y (ACe: -10.7%). Both MRP apparel and Milady’s reported implied negative volume growth of c.15% y/y and c.22% y/y, respectively.EBIT decreased by 13.4% y/y to ZAR 1.2bn in H1 17A, in line with ACe. The group’s EBIT margin contracted by c.240bps y/y to 13....