Mr Price CEO scores R60 million payday as the retailer hits 3,000 stores

Mr Price surpassed 3,000 stores in the year ended 29 March 2025, with the group benefitting from several major acquisitions over the past few years, such as Yuppiechef, Studio 88 and Power Fashion.

It opened 184 stores across its 15 trading chains, expanding its total footprint to 3,030 stores.

The new stores also highlight the group’s rapid growth, which has doubled its store base from 1,400 stores since 2021.

Regarding financials, the group’s total revenue increased by 7.9% to R40.9 billion, with it gaining half a percentage point of market share. 

Its gross margin expanded to 40.5%, and its operating profit reached a record R5.8 billion. 

Basic and headline earnings per share increased by 11.0% and 10.7% to 1,416.3 cents and 1,424.0 cents, respectively. The group’s final dividend increased by 127% to 593.5 cents per share.

“The first half of the financial year was challenging for the retail sector but improved in the second half,” said Blair.

“The growth in sales momentum through the second half was supported by strong comparable store sales growth and GP margin gains across all trading segments.” 

Following the increased earnings, executive and non-executive directors saw an average increase of 4.5%, similar to the rise for the wider workforce.

Blair, like many other CEOs of listed companies in South Africa, sees large amounts of his pay tied to short-term and long-term incentives.

Performance awards are made to associates based on their contributions during the year, with 50% of Blair’s award based on 50% weighting on financial metrics, 25% weighting on strategic KPI’s and 25% weighting on leadership.

The remuneration committee for the group evaluated the performance of Blair and CFO Praneel Nundkumar, focusing on the positive earnings growth of 10.7%.

Overall, Blair saw his fixed guaranteed package, which includes his salary, medical aid contributions, retirement fund contribution, benefits, and cash allowances, increase from R9.3 million to R9.7 million.

Although his guaranteed package saw an under 5% increase, his short-term incentives increased from R9.6 million to R14.9 million.

His long-term incentives also increased from R27.1 million to R36.2 million. Combined, his overall single-figure remuneration increased from R45.9 million in 2024 to R60.8 million.

What next for the group

The group said the global economy was heavily chartered by uncertainty in 2025, with trade shifts and potential US tariffs threatening growth prospects across markets.

South Africa’s economy was not spared from the impact, and its forecast GDP growth was revised downwards to about 1%.

Nevertheless, lower inflation, declining petrol prices, and 100 basis-point interest rate cuts have supported consumer finances.

Real wage growth has also seen some recovery. However, the sustainability of this improved consumer environment remains uncertain.

The group is still confident that its business model and brand power will allow it to outperform the market via varying economic cycles.

“We have a strong but disciplined growth mindset. Our team has evaluated many opportunities and declined most,” commented Blair.

“Our three acquisitions in recent years have delivered a combined operating profit of R1.2 billion in FY2025 and continue to be earnings accretive.” 

“Our focused research is ongoing to identify the next growth vehicle that will support the achievement of our long-term vision.”

Issued on BusinessTech by Luke Fraser | https://businesstech.co.za/news/business/830285/mr-price-ceo-gets-r60-million-pay-package-as-the-retailer-hits-3000-stores/