Sales
+13.3%
to R27,376 million
Operating profit before foreign exchange movements
+12.7%
to R1,265 million
Cash generated from operations
-13.7%
to R2,232 million
Headline EPS
+5.6%
to 366 cents
Dividend per share
252 cents
unchanged

Prospects

For the 34 weeks to 20 February 2011, total sales increased by 12.6% and comparable sales increased by 6.4%.

Should the trends experienced in the Christmas period and the subsequent eight weeks continue, we expect a difficult second-half. Management will be focused on reducing stock levels, holding gross margins and containing costs, to continue to grow annual operating profit (excluding foreign exchange losses or profits), albeit perhaps at lower levels than achieved

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Strategic Vision 2013

Whilst organic growth continues in all formats, the highlight of our growth strategy is our expansion into Food retail through Cambridge, Game Foodco and Makro.

We continue to invest in Supply Chain development, having opened the Massdiscounters’ Gauteng RDC and growing Makro Logistics services.

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