Sales
+15.0%
to R31,492 million
Operating profit before foreign exchange movements
+4.8%
to R1,326 million
Cash generated from operations
+60.4%
to R3,580 million
Headline earnings
+21.1%
to R895 million
Headline EPS
+13.7%
to 416 cents

Prospects

For the 34 weeks to 19 February 2012, total sales increased by 15.1% and comparable sales increased by 9.2%, continuing the trends experienced at the close of the last financial period.

The current trends of investment in growth and capacity, including Integration costs, will continue through to the end of the year, with sales performing well, but with operating margin under pressure.

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Strategic agenda

Our strategic agenda included four areas. The first being to maintain the momentum of improving the Groupís operating disciplines and implementing planned improvements in Supply Chain, Private Label and Financial Services.

Our second priority has been to complete the Walmart transaction and we await the conclusion of the next steps in the process being the rulings of the South African Competition Appeal Court and the Namibian Minister of Trade and Industry respectively. We are applying the appropriate resources to ensure that we comply with the conditions in the Competition Tribunal merger approval.

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