Diluted HEPS of 348cps (FY25: 412cps), down 15.6% y-y, mainly due to higher WANOS (+33.2%) following the IPO.
Turnover growth 12.3% y-y on a 52-week basis (FY25 was 53 wk period; +9.6% y-y on 53wks), with like-for-like growth of 4.5% y-y.
Internal inflation -1.2% vs. 0.3% in FY25. Sales growth eased from 13.9% y-y in 1H to 10.9% y-y in 2H. Space growth of c. 6.6% y-y with 51 new stores.
GPM improved from 21.3% to 21.6% due to margin mix management and economies of scale.
Expenses +10.9% y-y with the expense-to-sales ratio rising from 16.6% to 16.8%. Growth impacted by new stores, ongoing listed entity costs and expensing IPO awards.
Trading margin improved from 5.4% to 5.7% in FY26, driven by higher GPM and 25.0% y-y growth in Other Income.
Finance cost +31.3% y-y, but borrowings drop from R850m to R200m.
Capex R1bn (FY25: R895m) with capex-intensity of 2.2% (FY25: 2.1%).
Outlook – Sales growth in first 9 weeks of FY27 slightly below 2H26 level. War could impact inflation, logistics costs and consumer spend.
