Diluted HEPS 861cps (+11.8% y-y) and DPS of 565cps (FY22: 505cps). Dividend cover maintained at 1.5x.
Sales growth +11.2% y-y against 53-week prior period, and +13.2% on 52-week comparable basis. Truworths Africa +9.1% y-y and Office UK +18.8% y-y (in GBP) on 52-week comp basis.
GPM drop from 53.5% to 52.5%, with Truworths Africa’s GPM lower at 55.4% (FY22: 56.7%) and Office higher at 45.2% (FY22: 44.2%).
Expenses to sales ratio increase from 36.9% to 39.1%, due to expense base normalising post-Covid, and higher trade debtor costs (+50.8% y-y) due to growth in book.
Operating margin dropped from 20.2% in FY22 to 18.2% in FY23.
Debtors book grew by 11.7% y-y. Doubtful debts allowance lowered from 20.9% to 20.6%. Net bad debt to book at 14.8% (FY22: 11.3%).
Cash increase to R527m (FY22: R182m) while gross debt increased to R1.4bn (FY22: R702m).
Sales in first 8 weeks of FY24 up 15.0% y-y with TRU Africa +5.3% y-y and Office UK +19.5% y-y (in GBP).
