Diluted HEPS from continuing ops of 660cps (+9.9% y-y).
Furniture is treated as discontinued operations.
Turnover growth +9.6% y-y, with Checkers +13.6% y-y, Shoprite
+6.7% y-y, Usave +6.8% y-y, Liquor +12.2% y-y, Non-SA +4.1%.
GP margin up from 23.6% to 23.9%, due to supply chain
efficiencies, volume growth, lower fuel and promo benefits.
Expense growth of 9.0% y-y, with higher depreciation (+18.4%)
and staff costs (+10.8%). The expense-to-sales ratio decreased
from 20.0% to 19.9%.
Trading margin increased from 5.5% to 5.7%.
Dividend 285cps (1H24: 267cps) on dividend cover of 2.3x.
Net cash dropped to R5.4bn (1H24: R8.3bn) with gross debt at
R5.8bn (1H24: R6.3bn).
Sales growth in the first month of 2H25 was ahead of growth in
1H25 in Supermarkets SA, with inflation at 3.1%.
