Retail group Mr Price has warned of increased cost pressures for the rest of 2022, with consumers expected to remain under financial strain as the cost of living increases.
In its annual financial results published on Thursday , the group said that while this will present challenges, it also presents opportunities for ‘organisations that embrace uncertainty and pursue growth’.
“Global supply chain challenges, rising inflation and interest rate hikes are expected to continue, placing pressure on forecasting efforts and the cost of doing business. These knock-on effects will be felt domestically, amidst other previously communicated local challenges, exerting pressure on businesses and households.
“Adequate cover has been taken to protect the group against elevated exchange rate, freight rate and other key cost pressures. To ensure price leadership it has invested in key defensive departments and is holding certain price points while striving to preserve overall margins.
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