Segmental report
for the year ended 30 June 2025
Reviewed Condensed Group Results
for the year ended 30 June 2025 and cash dividend declaration
for the year ended 30 June 2025 and cash dividend declaration
for the year ended 30 June 2025
| (Rand million unless otherwise stated) | |||||||||
| Reviewed year to 30 June 2025 | Retail | Manufacturing* | Supply and support services* | Franchising | Properties | Associates | Consolidation | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | 5 302 | 4 724 | 2 428 | – | – | – | (3 578) | 8 876 | |
| – From external customers* | 5 302 | 3 116 | 458 | – | – | – | – | 8 876 | |
| – Intersegment | – | 1 608 | 1 970 | – | – | – | (3 578) | – | |
| Turnover from franchise stores** | 2 383 | – | – | – | – | – | (2 383) | – | |
| Cost of sales | (3 229) | (3 658) | (2 032) | – | – | – | 3 652 | (5 267) | |
| Achieved gross margin*** | 1 890 | 1 056 | 286 | 2 | – | – | 308 | 3 542 | |
| Manpower costs | (331) | (562) | (167) | (11) | (7) | – | – | (1 078) | |
| Depreciation | (88) | (304) | (19) | (3) | (119) | – | – | (533) | |
| Freight cost | (12) | (441) | (73) | – | – | – | 26 | (500) | |
| Impairment of property, plant and equipment | – | – | – | – | – | – | – | – | |
| Profit on sale of property, plant and equipment | # | (4) | (4) | # | 14 | – | – | 6 | |
| Trading profit | 546 | 507 | ##287 | ###334 | ####378 | – | 9 | 2 061 | |
| Finance income and fair value gains | 16 | 37 | 68 | – | 37 | – | (33) | 125 | |
| Finance costs | (8) | (6) | (37) | – | (58) | – | 33 | (76) | |
| Income from associates | – | – | – | – | – | 6 | – | 6 | |
| Profit before taxation | 554 | 538 | 318 | 334 | 357 | 6 | 9 | 2 116 | |
| * | Turnover from external customers includes sales to franchise stores. |
| ** | Franchise stores are not controlled by the Group. |
| *** | Achieved gross margin is calculated as gross margin less freight costs, movement in stock provisions and other cost of sales. |
| # | Less than R1 million. |
| ## | Includes franchise income of R72 million disclosed in note 6. |
| ### | Includes royalty income of R133 million disclosed in note 6. |
| #### | The trading profit in the Properties division includes unconsolidated property rental received of R503 million. |
| (Rand million unless otherwise stated) | ||||||||
| Audited year to 30 June 2024 | Retail | Manufacturing* | Supply
and support services* |
Franchising | Properties | Associates | Consolidation | Total |
| Turnover | 5 178 | 5 013 | 2 470 | – | – | – | (3 597) | 9 064 |
| – From external customers* | 5 177 | 3 426 | 461 | – | – | – | – | 9 064 |
| – Intersegment | 1 | 1 587 | 2 009 | – | – | – | (3 597) | – |
| Turnover from franchise stores** | 2 471 | – | – | – | – | – | (2 471) | – |
| Cost of sales##### | (3 128) | (3 812) | (2 079) | – | – | – | 3 642 | (5 377) |
| Achieved gross margin*** | 1 880 | 1 192 | 285 | 1 | – | – | 273 | 3 631 |
| Manpower costs | (339) | (636) | ***(164) | (10) | (7) | – | (7) | (1 163) |
| Depreciation | (88) | (284) | (25) | (3) | (106) | – | – | (506) |
| Freight cost ##### | (13) | (468) | (71) | – | – | – | 23 | (529) |
| Impairment of property, plant and equipment | – | – | – | – | (15) | – | – | (15) |
| Profit on sale of property, plant and equipment | # | # | 1 | # | (2) | – | – | (1) |
| Trading profit | 507 | 556 | ##286 | ###338 | ####355 | – | 14 | 2 056 |
| Finance income | 17 | 28 | 74 | – | 54 | – | (53) | 120 |
| Finance costs | (1) | (12) | (29) | – | (98) | – | 53 | (87) |
| Income from associates | – | – | – | – | – | 12 | – | 12 |
| Profit before taxation | 523 | 572 | 331 | 338 | 311 | 12 | 14 | 2 101 |
| * | Turnover from external customers includes sales to franchise stores. |
| ** | Franchise stores are not controlled by the Group. |
| *** | Achieved gross margin is calculated as gross margin less freight costs, movement in stock provisions and other cost of sales. |
| # | Less than R1 million. |
| ## | Includes franchise income of R72 million disclosed in note 6. |
| ### | Includes royalty income of R146 million disclosed in note 6. |
| #### | The trading profit in the Properties division includes unconsolidated property rental received of R495 million. |
| ##### | The 2024 Segmental report has been amended to separately disclose the cost of sales and freight costs, which contribute a significant portion of the operating expenses. |