File: Mr Price has reported a 10.4 percent drop in annual earnings due to COVID-19 impairment provisions.
JOHANNESBURG - Mr Price, one of South Africa's biggest retailers, has shown just how badly it's been affected by the lockdown.
The company has reported a 10.4 percent drop in annual earnings due to COVID-19 impairment provisions.
In April, all the group’s South African stores were closed and retail sales dropped by over 80 percent.
But the results did show a spike in online sales of 90 percent in the period.
In the months after April, Mr Price's books showed consumers still prefer using cash.
In May and June combined, cash sales increased by 16.7 percent. Credit sales fell by 9.4 percent.
Mr Price has also highlighted it expects trading conditions to remain tough.