Mr Price to exit Nigeria

Mr Price Group has announced plans to shut Nigerian operations due to weak economic growth and other difficulties.

Mark Blair, chief executive of Mr Price Group told analysts the company has hit too many roadblocks in the country.

“Quite frankly I’m not prepared to invest any further, whether it’s investment in time or in money, into a country that is volatile as it is.

“In the early days we were making money but now we just came up against too many roadblocks, whether it’s getting the money out, etc,” Blair said.

The group has closed four of its five stores in Nigeria and expects to close the final one in the coming months.

Mr Price CFO Mark Stirton said the company now wants to concentrate more on its SA operations which is why it has also discontinued its operations in Poland and Australia in 2019.

Recently, the group reported a 2.1% rise in total revenue from continuing operations for the 52 weeks ended 28 March, to R23bn with retail sales increasing by 1.5% (comparable stores -1.4%) to R21.2bn.