Earnings release
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Mr Price Group Limited Registration number 1933/004418/06) Incorporated in the Republic of South Africa ISIN: ZAE000200457 LEI number: 378900D3417C35C5D733 JSE and A2X share code: MRP (“Company” or “group”) VOLUNTARY SALES UPDATE FOR THE 13 WEEKS ENDED 27 DECEMBER 2025 For the third quarter from 28 September 2025 to 27 December 2025 (“Period”) of the financial year ending 28 March 2026, Mr Price Group’s retail sales increased by 3.6% to R15.1bn against a strong sales growth base of 10.6%. During the Period the group maintained market share and gained further market share in its core market of South Africa (including the key month of December), as its retail sales grew ahead of the market’s growth of 1.6% per the Retailers’ Liaison Committee (RLC). Group Q3 performance The group previously reported in its interim results outlook (20 November 2025) that retail sales for the first 7 weeks of H2 increased 3.3%. Retail sales in October increased 1 .8%, ahead of the market’s growth of 1.3% (RLC). Sales growth improved into the first two weeks of November, however momentum slowed in the remaining two weeks of the month, closing with sales growth of 1.1%, slightly ahead of the market’s growth of 1.0% (RLC). Sales grew 3.8% in the last 6 weeks of the Period (base: +12.3%), supported by sales growth of 5.9% in the key trading month of December (base: +12.8%) which was ahead of the market’s growth of 3.0% (RLC). The base effects in the quarter were mainly driven by the withdrawals from retirement savings as South Africa introduced the two-pot retirement system. While interest rates and inflation have declined, the discretionary retail consumer environment throughout most of 2025 remained muted as disposable income growth continued to be absorbed by high household debt servicing costs and the diversionary spend into online betting and other categories. Group GP margin decreased 20bps during the Period, however the group anticipates that GP margin for the financial year ended March 2026 will at least be maintained at FY2025 levels. Management is comfortable with both the current cash position of the group and the shape of stock heading into Q4 of FY2026. Adequate plans have
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been made to achieve targeted closing inventory levels at the end of the financial year. Retail sales for the group’s corporate-owned stores was as follows: Group retail sales grew 3.6% to R15.1bn and comparable store sales increased 0.5%. South African retail sales grew 3.9% to R14.1bn while non-South African corporate-owned store sales increased 0.6% to R1.0bn. Total store sales increased 3.6% while online sales increased 3.5%. Online sales accelerated in December to 8.3% against a solid double-digit base in the corresponding period. Retail selling price inflation was 5.2%, and total unit sales decreased 1.5% to 109m. The group’s total store footprint expanded to 3 164, increasing by 64 stores (net) during the Period. Trading space increased 3.5% on a weighted average basis. Cash sales, which constitute 90.9% of total retail sales, increased 3.7% while credit sales increased 2.9% as the group continued to manage its credit granting prudently. Retail sales in the Apparel segment grew 3.2% during the quarter while comparable store sales for the Period increased 0.4%. The group’s three largest apparel divisions, Mr Price Apparel, Studio 88 and Power Fashion sales’ growth all outperformed the market (RLC). In the key month of December, retail sales for the Apparel segment were up 6.0% (base: +13.2%) and the segment achieved its highest market share level on record in the month of December. Studio 88 reported growth of 7.7% (base: +12.3%) during the Period, and delivered a strong December performance with sales growth of 12.3% (base: +14.0%). The Homeware segment’s retail sales increased 4.5% and comparable store sales increased 1.7%. Despite a decline in the segment’s market share of 100bps (RLC), all homeware divisions grew GP Retail sales growth Cont. to retail sales Q3 FY2026 vs FY2025 Apparel segment 3.2% 83.1% Homeware segment 4.5% 14.0% Telecoms segment 11.0% 2.9% Group 3.6% 100.0%
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margins in accordance with the group’s focus of improving profitability. Yuppiechef’s strong performance continued, growing sales by 10.1% in the Period (base: +26.5%). The Telecoms segment increased retail sales by 11.0% outperforming the comparable market and increasing market share by a further 30bps according to GfK (November 2025, latest available data). The segment gr ew its GP margin and continued to expand its profitability. Other income increased 1.9% to R320m due to lower debtors’ interest and fees from the group’s retail debtors’ book , as the repo rate decreased 100bps compared to the corresponding period. Outlook Indications are that the South African economic growth outlook for 2026 is improving. Growth is expected to be supported by low and stable inflation, expected further interest rate cuts, positive effects from the strong commodity cycle and continued currency strength against the dollar. However, the international political and economic environments are uncertain and could hold risk for South Africa’s improving prospects. The retail sector should benefit from the healthier macroeconomic environment supporting increased flowthrough of disposable income to discretionary categories. In the first four weeks of January, the group delivered solid sales growth of 4.2% against a high base of 16.0%. However, the Q4 base is softer at 7.6% growth. Management continues to be focused on stock management, free cash- flow generation and sustainable margin expansion. The above-mentioned figures and information contained herein do not constitute an earnings forecast or estimate and have not been reviewed and reported on by the Company’s external auditors. Durban 28 January 2026 JSE Equity Sponsor and Corporate Broker Investec Bank Limited