Diluted HEPS 258cps (-1.3% y-y) and DPS 185cps (-16.3%y-y).
Ahead of consensus forecast of 251cps and our forecast (254cps).
However, pro-forma HEPS (adj for unrest insurance income) was
down 16.3% y-y. Turnover growth +8.9% y-y, with like-for-like growth of 4.8% y-y.
Inflation was high at 8.5%. Boxer sales strong at +20.2% y-y while PnP chain only +4.3% y-y. PIK Clothing sales +15.3% y-y and Liquor sales +20.4% y-y. GPM increased from 18.8% to 19.6% but this was impacted by the unrest stock losses in the prior year. Adj prior year GPM was 19.6%. Expenses increased by 11.9% y-y with the expense-to-sales ratio increasing from 18.4% to 18.9%. Expenses impacted by loadshedding costs (R430m net). Like-for-like expense growth
+7.9% y-y. Operating margin stable at 2.9%. Cash position drop sharply to R802m overdraft (FY22: cash R3.6bn). Gross debt dropped from R4.0bn to R2.9bn. High increase in stock due to inflation, DC changeover, new stores.
