Diluted HEPS of 492cps (+1.7% y-y) and DPS of 321cps (1H25: 317cps). Dividend cover maintained at 1.5x.
Sales growth of 0.4% y-y, with Truworths Africa -3.6% y-y and Office UK +6.4% y-y (in GBP).
GPM stable at 51.8%, with Truworths Africa’s GPM up 40bps to 54.0% (1H25: 53.6%), while Office eased 20bps to 48.0% (1H25: 48.2%).
Expenses-to-sales ratio increased slightly from 36.8% to 36.9%, with expense growth controlled at 0.9% y-y.
Operating margin maintained at 22.5%.
Debtors book contracted by 2.1% y-y, while the Doubtful debts allowance improved from 20.9% to 20.4%.
Strong Cash position of R2.3bn (1H25: R2.7bn) while gross debt reduced to R1.2bn (1H25: R1.5bn).
Share buybacks of R746m (13.2m shares at R56.32).
Sales in the first 7 weeks: TRU Africa up 0.7% y-y and Office UK +3.4% y-y (in GBP). With the strong rand, Office UK sales in rand down 1.7%, resulting in group sales decreasing 0.2% y-y.
