Poor fashion choices hurt Mr Price sales

Mr Price Group Ltd. shares fell the most in more than 14 years after the South African clothing and household-goods retailer said low levels of consumer confidence and “some poor fashion calls” curbed sales.

The stock dropped 13 percent, the biggest decline since March 2001, and traded at 207.01 rand at the close in Johannesburg, the lowest since Oct. 20. The shares are down 12 percent this year, valuing the company at 55 billion rand ($4.1 billion)

South African consumer confidence dropped to a 14-year low in the second quarter of this year as unemployment of 25 percent, power cuts and rising fuel prices put pressure on shoppers. Mr Price sales were also affected by a later winter than expected, the company said.