Diluted HEPS of 348.6cps (-16.3% y-y) with dividend of 265.5cps (FY23: 303.0cps). FY24 is a 53-week period. Turnover and concession sales growth +4.3% y-y on 52-wk basis (+6.2% on 53 wks). Divisional sales growth on 52-wk basis: Food +9.0% y-y, FBH -0.4% y-y and CRG -8.0% y-y (in AUD). Comparable store sales contraction in FBH (-1.3% y-y) and CRG (-13.1% y-y).
GPM weakened from 37.1% to 35.9%, due to Country Road margin decline of 230bps. FBH GPM was stable while Food GPM improved by 30bps. Expense growth +11.2% y-y, with expense-to-sales ratio increased from 28.3% to 29.7%. OPM dropped from 9.2% to 7.0%. The results were impacted by poor performance of Country Road, with its OPM down from 12.4% in FY23 to 4.6% in FY24. Gross debt increased to R6.3bn (FY23: R5.0bn) while cash dropped to R811m (FY23: R2.6bn). Outlook for FY25 – More positive outlook for SA, while Australian
recovery likely to be more protracted than initially expected.
