South Africa's Mr Price Group Ltd posted a 12 per cent drop in full-year earnings, the first drop in annual profit since 2001, as consumers struggle in a sluggish economy.
The no-frills retailer, which also sells homeware and furniture, is facing increased competition from international chains Zara, H&M and Cotton On and has lost market share as local competitors, such as the ailing Edcon, mark down stock.
