Mr Price Group (Sell, TP ZAR 144/share) FY 17A result review: FY 17A s...

​FY 17A MRP reported group revenue at ZAR 19.7bn; -1.2% y/y and -1.7% below ACe. On a 52 week comparable basis, sales increased 0.7% y/y in FY 17A, implying flat sales growth in H2 17A (vs. H1 17A at +1.6% y/y). MRP Apparel and Milady’s underperformed with comparable sales growth of -4.7% y/y and -6.9% y/y respectively in FY 17A.FY 17A EBIT declined 15% y/y to ZAR 3bn; 3% below ACe. EBIT margin declined 260bps y/y to 15.5%, 20bps below ACe. HEPS at ZAR 9.1/share was slightly above our estima...