Diluted HEPS 743cps (-7.7% y-y) and DPS of 487cps (FY24: 529cps). Dividend cover maintained at 1.5x.
Retail sales growth +2.7% y-y, with Truworths Africa down 0.4% y-y and Office UK +9.7% y-y (in GBP).
GPM down from 52.3% to 51.3%, with Truworths Africa’s GPM lower at 53.6% (FY24: 54.9%) and Office higher at 47.1% (FY24:
47.0%).
Expenses-to-sales ratio increased from 39.5% to 39.6%, with expense growth of 3.4% y-y.
Operating margin dropped from 20.4% in FY24 to 13.6% in FY25, but this was partly due to the R1bn trademark reversal in prior year (the comparable pro-forma OPM in FY24 was 14.2%).
Debtors book increased by 0.3% y-y. Doubtful debts allowance up from 20.3% to 20.8%. Net bad debt to book 18.1% (FY24:
18.2%).
Cash increased to R2.2bn (FY24: R1.2bn) while gross debt unchanged at R1.5bn.
Sales in the first 7 weeks of FY26 down 0.1% y-y, with TRU Africa -3.1% y-y and Office UK +3.4% y-y (in GBP).
Capex of R548m for FY26 with space growth of 2% in Africa and 12% in the UK.