Mr Price Grp Ltd S/Adr (MRPLY) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.116 Good morning everybody, I'm Mark Blair, the CEO of the Mr Price Group 00:00:05.116 -- 00:00:09.781 and thanks for joining us while we take you through our interim results to the 27th of 00:00:09.781 -- 00:00:13.062 September 2025. I'm going to 00:00:14.085 -- 00:00:17.468 be talking a little bit about the operating environment. 00:00:17.468 -- 00:00:23.114 Pranil Nandkumar, the CFO, will take us through the detailed group performance 00:00:23.114 -- 00:00:27.559 and then I'm going to share the longer term thinking with you and also the short term 00:00:27.559 -- 00:00:29.461 outlook. 00:00:29.461 -- 00:00:32.685 So moving into the operating environment, 00:00:32.685 -- 00:00:36.050 and I think there's already been much said about this. 00:00:36.050 -- 00:00:41.376 There's been other retailer presentations, so I probably don't have to say too much, 00:00:41.376 -- 00:00:45.462 except to say I think these graphs tell the full picture. 00:00:45.462 -- 00:00:47.745 Since COVID-19, 00:00:47.745 -- 00:00:53.492 there's been a prolonged period of negative real wage growth, rising debt service costs, 00:00:53.492 -- 00:00:58.182 and obviously inflation has been more elevated, but it seems to be improving now. 00:00:58.182 -- 00:01:02.469 But if you look at that graph on the left-hand side, there you'll see the negative wage 00:01:02.469 -- 00:01:06.051 growth in 2022 and 2023. 00:01:06.695 -- 00:01:12.283 Started picking up a bit thereafter, but all negatively indexed to the base 00:01:12.283 -- 00:01:14.206 of 2019. 00:01:14.206 -- 00:01:19.014 And what happened during that process over that time frame is that there was an access 00:01:19.014 -- 00:01:23.641 to debt of those consumers who could, and therefore on the right-hand side you se...