Tech

Mr Price Cellular Shows Amazing Growth

Mr Price Cellular, Launched in 2017 by Mr Price Group, MVNO (Mobile Virtual Network Operator) has experienced remarkable growth last year, surpassing Rs 1 billion in sales for the first time.

The telecommunications segment of the Durban-based retail group grew 34.4% to Rs 1.2 billion last year, far outpacing the growth of incumbent mobile operators.

“Mr Price Cellular, launched in 2017, has grown exponentially since its launch and is now available in 374 stores, with the most promising growth opportunities, especially standalone store launches.” Posted on Thursday, April 2nd, 2022.

“According to Growth for Knowledge (190bp including Powercell from Power Fashion), mobile handsets and accessories gained a market share of 130bp, which is a significant benefit given the disruption caused by global supply chain issues and civic unrest during that period. “, he added.

And it’s not just cellular that Mr Price excels at.

According to the group, online sales grew 48.2% last year, compared to a high growth of 64.1% the previous year, according to the group, with e-commerce sales accounting for 2.9% of total retail sales (2.3% excluding acquisitions).

“The group maintained a high level of customer engagement, best reflected in its online traffic market share increase of 70 basis points to 13.3%, second only to Takealot among omnichannel and pure play retailers.”

Sales surge

Overall, Mr Price Group reported a headline earnings-per-share of 20.1% (over the quarter on a directly comparable basis). Retail sales increased 26%. The group opened 130 new stores, took over 7 others and reopened 96 of the 111 stores affected by the riots in KwaZulu-Natal last July.

The final dividend was announced at 807.7c/share, up 25.9%. – © 2022 NewsCentral Media

Mr Price Cellular Shows Amazing Growth

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