Mr Price has seen a rapid expansion in its store network since the start of the network, with the company benefiting from three major acquisitions over the period.
Mr Price surpassed 3,000 stores during the year ended 29 March 2025, opening 184 stores across its 15 trading chains, expanding its total store footprint to 3,030 stores.
The new stores highlight the rapid expansion of Mr Price stores since mid-2021, which were fuelled by strategic acquisitions and further investment in existing brands.
The group’s total number of stores has more than doubled from its 1,400 stores seen in 2021.
This comes after the group purchased Yuppiechef, Power Fashion and Studio 88 in the period. The group also expanded into standalone Mr Price Kids and Mr Price Baby stores.
The group said that its weighted average trading space increased 4.3% over the 2025 financial year, with new store returns continuing to be closely managed.
These new stores far exceed the group’s Return on Operating Assets (ROOA) thresholds, which exceed its weighted average cost of capital (WACC).
The group’s total revenue for the period increased by 7.9% to R40.9 billion, gaining half a percentage point of market share.
The group’s gross margin expanded to 40.5%, while its operating profit reached a record level of R5.8 billion.
That said, the financial services segment’s revenue increased by 5.7% to R918 million over the period.
The group said that the global economy has been characterised by uncertainty in 2025.
Shifts in trade partnerships and the potential of US-enforced tariffs have threatened growth prospects across markets.
The South African economy was not spared from this impact, and its forecast GDP growth has been revised downwards from the previous positive outlook at the end of 2024.
South Africa’s GDP growth over the previous decade was 0.7% and has not been conducive to fostering a healthy business environment.
Consumer relief has been supported by lower inflation, declining petrol prices and interest rate cuts of 100bps, boosting disposable income.
Real wage growth has also experienced some level of recovery. That said, the sustainability of an improving consumer environment in South Africa is challenging due to the uncertainty.
The group is still confident that its business model and brand power will enable it to outperform the market through varying economic cycles.
“We have a strong but disciplined growth mindset. Our team has evaluated many opportunities and declined most,” said Blair.
“Our three acquisitions in recent years have delivered a combined operating profit of R1.2 billion in FY2025 and continue to be earnings accretive.”
“Our focused research is ongoing to identify the next growth vehicle that will support the achievement of our long-term vision.”
