Diluted HEPS 621cps (+7.6% y-y).
Turnover growth +13.9% y-y, with Checkers +13.7% y-y, Shoprite
+13.2% y-y, Usave +12.3% y-y, Liquor +25.2% y-y, Non-SA +6.2%
and Furniture + 1.7% y-y.
GP margin slightly up from 23.5% to 23.6%, due to supply chain
efficiencies and fuel price relief.
High expense growth of 14.8% y-y, due to higher depreciation
(+16.9%) and staff costs (+14.2%). The expense-to-sales ratio
increased from 20.2% to 20.3%.
Trading margin eased from 5.7% to 5.5%.
Dividend 267cps (1H23: 248cps) on dividend cover of 2.3x.
Strong cash position of R7.8bn (1H23: R8.3bn) with gross debt at
R6.3bn (1H23: R6.4bn).
Sales growth in the first 6 weeks of 2H24 was around 10% y-y in
Supermarkets SA, with inflation slowing to 5.3%.
