Diluted HEPS of 265cps (-26.4% y-y) with dividend of 188cps (FY24: 266cps). Adj dHEPS on 52-wk basis -19.4% y-y (FY24 was a 53- week period).
Turnover and concession sales +6.1% y-y on 52-wk basis (+4.2% y-y on 53 wks). Divisional sales growth on 52-wk basis: Food +11.0% y-y (+9.2% excl. acquisitions), FBH +4.7% y-y, and CRG -5.4% y-y (in AUD). Comparable store sales Food +7.7% y-y, FBH +5.1% y-y, and CRG -6.8% y-y).
GPM weakened from 35.9% to 34.3%, due to Country Road margin decline of 390bps to 56.4%. FBH GPM was down 120bps, while Food GPM improved by 20bps.
Expense growth +1.4% y-y (on 53 weeks in FY24), with expense-to-sales ratio improving from 30.2% to 29.5%.
OPM dropped from 6.5% to 5.5%. The results were mostly impacted by the poor performance of Country Road, which recorded an EBIT loss of AUD18.1m.
Gross debt increased to R9.3bn (FY24: R6.3bn) while cash increased to R3.7bn (FY24: R811m). Net debt stable at R5.6bn.
Impairment of R917m against CRG brands. Profit on sale of Australian property of R792m.
Outlook for FY26 remains subdued.
