Mr. Price, one of Byron's favourites, he likes it so much. I must admit, it is a stock that I have liked for a long time too, but never quite made it into our portfolio's. Size and scale I guess meant that it could not quite make the fit. Another Jackie Selebi copy and paste job:
"During the third quarter (October, November and December) of the financial year ending 31 March 2011, Mr Price Group recorded sales growth of 10.4% over the comparable period of the prior year ("comparable period"). The Group achieved sales growths of 7.5%, 10.7% and 12.0% in October, November and December respectively."
So, all the retailers in a low interest rate environment are starting to see some serious double digit sales growth. And that is where you will see the earnings catch up to the lofty multiples quite quickly. As you were, stop getting too anxious.