Overview

We are pleased to report that the Group increased sales by 11.6% and operating profits, excluding Walmart Transaction costs, by 10.3% and headline earnings before Transaction costs by 10.0%.

Including the costs associated with the Walmart Transaction, operating profit decreased by 13.7% and headline earnings decreased by 22.5%.

Total Group sales of almost R53 billion, up by 11.6%, reflect the continued investment for growth which saw trading space increasing by 6.0% for the year. Comparable store sales growth of 5.2% with product deflation of -1.3% indicates strong volume growth.

Effective cost control saw the Groupís comparable expenses increase by only 5.4%.

The Groupís high stock levels reported at our half-year have been addressed with inventories closing 10.7% above last year, below the level of sales growth.

Internal and independent data sources indicate the Group has been trading well relative to its competitors and has gained market share in all our major categories.