No woolly thinking as Mr Price expands offshore
With Woolworths’ misadventures firmly in mind, Mr Price CEO wants to take a new approach to overseas deals
Mr Price’s full-year results and share price performance show the benefits of prudence when it comes to international expansion.
The retailer’s shares surged on Friday and again on Monday after it said total revenue grew 5.8% to R22.6bn in the year to end-March, and headline earnings per share rose 6.2%.
The group’s shares are broadly flat compared with the start of 2016. Woolworths, on the other hand, has lost more than half its value in that time. The divergence is largely explained by Woolworths’ costly and disastrous acquisition of David Jones in Australia...