Strong performance with diluted HEPS 1254cps (+19.3% y-y) vs. consensus 1246cps and our forecast 1208cps.
Turnover growth +26.0% y-y (+14.1% y-y comp growth, +15.6% excluding acquisitions). Market share gains of 140bps. Results boosted by the acquisition of Power Fashion (1 April 2021) and Yuppiechef (1 August 2021).
GPM dropped 150bps to 40.7% in FY22, impacted by unrest writedowns and lower-margin Power Fashion and Yuppiechef. Excluding these, GPM in line with prior year at 42.4%.
Expenses to sales ratio dropped from 28.3% to 26.6% with expense growth 16.4% y-y (6.2% y-y excl acquisitions).
Operating margin improved from 17.8% in FY21 to 18.5% in FY22.
Dividend of 808cps (FY21: 673cps).
Cash position strong at R4.6bn (FY21: R4.9bn); remains debt-free.
Plan to acquire Studio 88 for R3.3bn
