Diluted HEPS up 6.4% y-y to 498ps, with dividend of 323cps (+6.5% y-y). Dividend cover remains at 1.5x.
Turnover growth of 5.5% y-y, with Apparel +5.3% y-y, Home +5.1% y-y and Telecoms +12.4% y-y. Slower growth in Q2, but selling more full-priced items.
GPM increased 30bps from 39.4% in 1H25 to 39.7% in 1H26, due to effective stock management as it exited winter.
Expenses to sales ratio rose from 31.3% to 31.4%, with expense growth of 5.6% y-y.
Operating margin edged up from 11.8% in 1H25 to 11.9% in 1H26.
Higher capex intensity of 3.1% to sales (1H25: 1.8%). FY26 forecast capex R1.5bn, with Gauteng DC enhancement and 200new stores.
Strong cash position, increasing from R2.2bn to R3.0bn. MRP remains debt-free.
Outlook remains fragile, expecting improvement in 2026.
Sales for first 7 weeks of H2 +3.3%, but on a strong prior year base (+12.3% y-y); improved momentum from October to November.