JOHANNESBURG, May 30 (Reuters) - South Africa's Mr Price Group Ltd posted a 12 percent drop in full-year earnings, the first annual profit decline since 2001, as consumers struggle in a sluggish economy.
Woolworths also marked down stock in what its Chief Executive Ian Moir described as a "feeding frenzy". Edcon, an unlisted retailer, has had to restructure debt and clear old stock at much lower prices.
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The company said improvement in the consumer environment is likely to only be gradual, but added that it was seeing encouraging signs in the current financial year. (Reporting by TJ Strydom; editing by Jason Neely and Keith Weir)
Mr Price blamed a drop in sales on weak consumer sentiment and the knock-on effects of political turmoil which culminated in President Jacob Zuma firing finance minister Pravin Gordhan in March and credit ratings agencies downgrading the nation.
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19, 2015 file photo, Inter Milan's manager Roberto Mancini awaits the start of their Europa League first leg of round of 32 soccer against Celtic at Celtic Park, Glasgow, Scotland. FILE - In this Thursday, Feb. Mancini has signed a three-year contract to coach Russian club Zenit St. Mancini hailed his Zenit post, the Italian's first job since leaving Inter Milan in August, as "a new adventure," in comments on Twitter on Thursday, June 1, 2017.
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Mr Price, which also sells homeware and furniture, is facing increased competition from international chains including Zara, H&M and Cotton On and has lost market
share as local competitors, such as the ailing Edcon, mark down stock.
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