Currently viewing: Segmental report | Next: Geographical analysis

Segmental report

for the six months ended 31 December 2025

	(Rand millions unless otherwise stated)
Unreviewed six months to 31 December 2025	Retail	Manufacturing*	Supply and support services*	Franchising	Properties	Associates	Consolidation	Total
Turnover	2 790	2 479	1 218	–	–	–	(1 786)	4 701
– From external customers*	2 784	1 661	256	–	–	–	–	4 701
– Intersegment	6	818	962	–	–	–	(1 786)	–
Turnover from franchise stores**	1 378	–	–	–	–	–	(1 378)	–
Cost of sales	(1 691)	(1 913)	(1 006)	–	–	–	1 802	(2 808)
Achieved gross margin***	999	561	155	–	–	–	136	1 851
Manpower costs	(179)	(246)	(131)	(6)	(4)	–	–	(566)
Depreciation	(40)	(153)	(7)	(1)	(53)	–	–	(254)
Freight cost	(6)	(237)	(37)	–	–	–	13	(267)
Impairment of property, plant and equipment	–	–	–	–	(3)	–	–	(3)
Profit on sale of property, plant and equipment	^#	(1)	2	^#	7	–	–	8
Trading profit	288	175	125^##	222^###	205^####	–	–	1 015
Finance income	5	21	39	–	14	–	(10)	69
Finance costs	(3)	(8)	(19)	–	(23)	–	10	(43)
Income from associates	–	–	–	–	–	1	–	1
Profit before taxation	290	188	145	222	196	1	–	1 042


*	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 R35 million disclosed in note 6.
^###	Includes royalty income of R76 million disclosed in note 6.
^####	The trading profit in the Properties division includes unconsolidated property rental received of R269 million.

		(Rand millions unless otherwise stated)
Reviewed six months to 31 December 2024		Retail	Manufacturing*	Supply and support services*	Franchising	Properties	Associates	Consolidation	Total
Turnover		2 836	2 627	1 324	–	–	–	(2 005)	4 782
– From external customers*		2 836	1 703	243	–	–	–	–	4 782
– Intersegment		–	924	1 081	–	–	–	(2 005)	–
Turnover from franchise stores**		1 293	–	–	–	–	–	(1 293)	–
Cost of sales^#####		(1 806)	(2 006)	(1 082)	–	–	–	2 105	(2 789)
Achieved gross margin ***		1 008	588	148	–	–	–	187	1 931
Manpower costs		(174)	(304)	(83)	(5)	(4)	–	8	(562)
Depreciation		(54)	(150)	(9)	(2)	(57)	–	–	(272)
Freight costs^#####		(6)	(223)	(40)	–	–	–	16	(253)
Profit on sale of property, plant and equipment		^#	^#	(8)	^#	14	–	–	6
Trading profit		285	325	140^##	226^###	204^####	–	–	1 180
Finance income		9	18	37	^#	24	–	(22)	66
Finance costs		(3)	(3)	(22)	^#	(36)	–	22	(42)
Income from associates		–	–	–	–	–	2	–	2
Profit before taxation		291	340	155	226	192	2	–	1 206


*	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 R41 million disclosed note 6.
^###	Includes royalty income of R70 million disclosed in note 6.
^####	The trading profit in the Properties division includes unconsolidated property rental received of R269 million.
^#####	The 2024 Segmental report has been amended to separately disclose the cost of sales and freight costs, whichcontribute a significant portion of the operating expenses.