Good results with diluted HEPS up 6.3% y-y to 1 253cps.
Turnover growth +16.2% y-y (comp sales +1.8%) boosted by
Studio 88 acquisition included for only 6 months in the prior year.
Sales excl. Studio up 6.2% y-y.
GPM improved by 30bps to 39.7% due to lower markdowns.
Expenses to sales ratio increased from 27.3% to 28.2% with
expense growth 20.1% y-y (+7.7% excl Studio 88).
Operating margin drop 110bps to 14.0%.
Dividend of 810cps (FY23: 760cps) on stable cover of 1.5x.
Strong cash generation with cash position up from R1.4bn to
R2.8bn, remains debt free.
Trading and profitability improved in 2H24 with less loadshedding
Outlook: Trading in early FY25 to 11 June up 4.4% y-y, at higher
GPMs than prior year.
Capex forecast for FY25 c. R1bn with 200 new stores planned.
