Diluted HEPS from continuing operations 83.4cps (+12.7% y-y). HEPS of 84.3cps (+ 18.9% y-y) on a normalised basis when excluding the benefit of a lower effective tax rate in prior year.
Revenue growth from continuing operations of 12.8% y-y to R48.8bn, driven by Clothing and General Merchandise (+9.5% y-y), Furniture (+9.1% y-y) and FinTech (+34.5% y-y).
GPM expanded by 110bps to 39.2%, benefiting from growth in FinTech while retail margin was largely maintained.
Total expenses grew 17.7% y-y with expense-to-sales ratio up 120bps to 28.3%. The operating cost base grew 7.8% y-y on a comparable basis.
OPM decreased by 20bps to 11.7%.
Gross debt increased to R13.4bn (1H24: R13.1bn) with net cash increasing to R3.1bn (1H24: R1.2bn).
No dividend (1H24: no dividend).
Retail space increased 2.1% y-y, with total store footprint at 5 978 in 1H25.
The acquisition of Choice Clothing was completed and will be implemented 1 June 2025. The acquisitions of SHP Furniture and selected Retailability brands are still underway.
