Shoprite

Shoprite FY HEPS were +7.4% to 1245c, below the BB estimate of 1280c | Sales +12% to R241bn (like-for-like +6.3%), slowing in H2 | RSA Supermarket (81% of group sales) selling price inflation was 5.8% from FY23’s 10.8% | Trading profit +12.4% to R13.4bn with margins @ 5.6% from a prior 5.5% | Impacted by diesel costs of R754m vs R1.3bn for FY23 | Divi +7.4% to 712c | Furniture business sold to Pepkor & remaining 50% of Pingo (delivery business) purchase imminent | ROIC 16.3% vs prior 15%.
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