Diluted headline loss per share -61.5cps (FY24: -172cps) with no dividend (FY24: nil). FY25 is a 53-week period.
Turnover growth 5.6% y-y (3.2% y-y on 52 weeks), with like-for-like growth of 2.9% y-y. Internal inflation was 2.1%.
PnP chain sales down -0.3% y-y, with PIK Clothing sales +9.9% y-y. Boxer sales at 10.4% y-y (all 52-wk y-y).
GPM rose from 18.1% to 18.3%. Expenses decreased by 1.9% y-y, due to lower ECL and flat
occupancy cost. The expense-to-sales ratio dropped from 20.1% to 19.4%.
Trading margin improved from 0.3% in FY24 to 1.5% in FY25.
R549m trading loss for Pick n Pay (FY24: R1.5bn loss) with R2.3bn trading profit for Boxer (FY24: R2.1bn profit).
Gross Debt drop sharply from R11.4bn in FY24 to R850m in FY25, following the Boxer IPO and R4bn recapitalisation.
Outlook – recovery will take longer than initially expected, PnP breakeven pushed out to FY28.
PnP sales in first 8 weeks of FY26 +0.8% y-y (3.7% y-y LFL).
