For the eight weeks to 19 August 2012, total sales increased by 17.7% and comparable sales increased by 9.8%, continuing the trends experienced towards the close of the financial year.

With the coming change in Massmart’s financial year-end, the next reporting period will be the 26-week “financial year” to December 2012. Sales and gross margins are expected to grow satisfactorily, although cost pressures will remain. Currently we expect no improvement in net trading margin for either the 26 weeks to December 2012 or for the year to December 2013.

Where value is extracted from Integration we will invest much of it in price.