Mr Price, which also sells sports clothing and equipment, reported headline earnings per share of 481.8 cents for the 26 weeks ended September 28.

It declared an interim dividend of 303.6 cents per share, up 7.1%.
Total revenue rose by 5.2% to $971 million, with group retail sales growth of 5.1% at $930 million.

Sales rose 5.3% in the second quarter, accelerating from the 4.9% growth logged in the first three months of its financial year beginning April.

Comparable store sales, however, inched up 0.4% in the first half.

Mr Price noted macroeconomic positives including no power cuts, increased political stability and the rand's appreciation, but said "the earnings performance... is reflective of the continued constraint on consumer affordability levels."

--Reuters--