Diluted HEPS of 412cps (FY24: 463cps), down 12.1% y-y. No final
dividend as R9.3bn pre-IPO dividend paid. Decline in HEPS due to
an increase in issued shares after IPO.
Turnover growth 13.2% y-y, with like-for-like growth of 5.2% y-y.
FY25 is a 53-week period, compared to 52 weeks in FY24 – on 52-
week basis, turnover up 10.4% y-y. Internal inflation was 5.9%, but
adjusted for mix effect, inflation was 0.3%. Space growth was high
at 9.1% y-y. Sales growth slowed from 12.0% y-y in 1H25, to 9.0%
y-y in 2H25, due to a high base.
GPM improved from 21.2% to 21.4% due to better buying and
distribution efficiencies.
Expenses up by 15.9% y-y with the expense-to-sales ratio
increasing from 16.3% to 16.7%. High expense growth due to new
stores, new costs as listed entity, and non-recurring IFRS gains in
prior year.
Trading margin drop from 5.6% to 5.4% in FY25 (52-week basis).
Capex spend of R895m (FY24: R1.0bn) with capex-to-sales ratio of
2.1% (FY24: 2.8%).
Outlook – expect moderation in trading margin, with 1H26 HEPS
expected to fall by more than 20% y-y.
