Diluted headline loss per share -53cps (FY25: -62cps) with no dividend (FY25: nil).
Turnover growth 1.0% y-y (3.4% y-y on 52 weeks). Internal inflation was 2.2%.
PnP SA sales down -1.4% y-y (due to store closures), PnP Africa -6.3% y-y (loss of Namibian franchisee), PIK Clothing sales +5.3% y-y. Boxer sales up 12.3% y-y.
GPM rose from 18.3% to 18.8%. PnP GPM increased 40bps to 17.0%, due to lower waste, and corporatisation of Botswana stores.
Expenses increased by 4.1% y-y. The expense-to-sales ratio rose from 19.2% to 19.8%.
Trading margin dropped from 1.5% in FY25 to 1.4% in FY26, with PnP trading margin dropping from -0.7% to -1.3%. R953m trading loss for PnP (FY25: R549m loss) with R2.6bn trading profit for Boxer (FY25: R2.3bn profit). Gross Debt drop from R850m in FY25 to R200m in FY26.
Pushed out profit break-even target to FY29 (previously FY28).
PnP LFL sales in first 9 weeks of FY27 slightly ahead of FY26.
