Diluted HEPS (continuing ops) increased by 15.8% y-y to 1 367cps. Discontinued operations are Furniture, and Ghana and
Malawi operations.
Turnover growth of 8.9% y-y, with Checkers up 13.6% y-y, Shoprite +5.2% y-y, Usave +5.7% y-y, Liquor sales +13.7%
y-y, and Non-SA sales up 6.4% y-y.
GP margin improved from 23.9% to 24.3%, due to volume growth, supply chain optimisation and lower shrinkage.
Expense growth of 7.4% y-y, impacted by the reclassification of Sixty60 costs as cost of sales (previously expenses). The
expense-to-sales ratio improved from 20.3% to 20.1%.
Trading margin improved by 40bps from 5.5% to 5.9%.
Dividend of 781cps (FY24: 712cps) on dividend cover of 1.75x.
Capex spend of R8.0bn with capex-to-sales of 3.2% (FY24: 3.3%).
Strong cash position of R8.1bn (FY24: R8.8bn) with gross debt higher at R7.0bn (FY24: R6.0bn).
Sixty60 sales disclosed at R18.9bn (+47.7% y-y).
Outlook – July sales growth ahead of market despite low inflation of 1.8%. Strategy remains anchored in core SA market.
