Slide 1: AVI Limited presentation to shareholders & analysts
AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2018
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance and prospects Questions and answers
Slide 3: Key features
KEY FEATURES Like-for-like revenue growth of 0,2%: Pressure on sales volumes in constrained consumer environment most notably in December Carefully balanced value versus volume across key categories Gross profit margins protected despite the difficult environment Selling and administrative
Slide 4: Results history: operating profit
RESULTS HISTORY Operating profit history - Reported 1600 1 530 1 456 1 408 1400 1 302 342 287 1 152 310 1200 306 1 021 140 128 309 140 1000 921 179 854 124 153 R million 296 167 800 303 103 160 674 231 97 98 430 452 600 520 512 170 86 91 74 412 450 47 369 402 82 111 67 101 340 42 3 298 400 100 99 57
Slide 5: Results history: return on capital employed
RESULTS HISTORY Return on capital employed 7 000 30% 6 000 27% 5 000 24% 4 000 R million 3 000 21% 2 000 18% 1 000 0 15% F11 F12 F13 F14 F15 F16 F17 F18 F19* Net operating profit after tax Average capital employed ROCE (%) * F19 represents a rolling 12 month period to 31 December 2018 High return
Slide 6: Results history: historical cash conversion
RESULTS HISTORY Historical cash conversion 3 500 120% 3 000 100% 2 500 550.0 80% 2 000 R million 60% 1 500 226.6 40% 1 000 230.6 201.8 20% 500 0 0% F11 F12 F13 F14 F15 F16 F17 F18 F19* EBITDA Cash generated by operations Cash to EBITDA * F19 represents 12 months to 31 December 2018 Sustained stron
Slide 7: Results history: dividend yield
RESULTS HISTORY Dividend yield (Year end) 14% 12.0% 12% 10% 7.7% 7.4% 8% 6.4% 6.5% 6.3% 6.2% 6% 5.2% 4.9% 4.5% 4.1% 4.5% 4.3% 3.8% 3.7% 4.0% 4.4% 4.1% 4.0% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 Normal dividend yield Total dividend yield Based on share price at end o
Slide 8: Results history: returns to shareholders
RESULTS HISTORY Returns to shareholders 2 500.0 2 252.5 2 000.0 822.9 1 703.3 1 500.0 1 359.7 R million 1 322.0 638.8 1 197.4 550.0 1 000.0 869.5 953.5 788.3 269.9 620.7 1 429.5 319.1 1 197.4 1 322.0 543.4 500.0 226.6 1 064.5 953.5 317.8 230.6 301.1 809.7 229.4 262.8 620.7 166.0 543.4 201.8 373.0 22
Slide 9: Group Financial Results
AN | Group Financial Results GROWING GREAT ANDS
Slide 10: Income statement – reconciliation like-for-like to reported
GROUP FINANCIAL RESULTS Income statement – Reconciliation between FY19 like-for-like and reported results H1 F19 New H1 F19 Like-for like Accounting Reported Rm Standards Rm Revenue 7 312,4 (243,8) 7 068,6 Cost of sales (4 075,0) (28,6) (4 103,6) Gross profit 3 237,4 (272,4) 2 965,0 Gross profit mar
Slide 11: Income statement – Like-for-like
GROUP FINANCIAL RESULTS Income statement – Like-for-like H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 7 312,4 7 300,4 0,2 Cost of sales (4 075,0) (4 018,4) 1,4 Gross profit 3 237,4 3 282,0 (1,4) Gross profit margin % 44,3 45,0 (1,6) Selling and administrative expenses (1 805,8) (1 751,8) 3,
Slide 12: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 8 000 7 500 7 000 R million 6 500 6 000 7 300 137 -125 7 312 -244 7 069 H1 Price Volume H1 F19 New accounting H1 F19 F18 Like-for-like standards Reported Higher selling prices mainly reflect price increases on tea to protect long term margins and t
Slide 13: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 60% 50% 44.3% 44.5% 45.3% 45.0% 44.3% 43.8% 40% 30% 20% H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 Like-for-like Volume pressure resulted in decrease in gross profit Stronger Rand to the US Dollar and benign cost inflation across the basket of r
Slide 14: Operating profit 6,4% down on a like-for-like basis
GROUP FINANCIAL RESULTS Operating profit 6,4% down on a like-for-like basis 1 570 1 520 1 470 1 420 R million 1 370 1 320 1 270 1 220 1 530 43 -23 -32 -12 -52 -23 1 1 432 24 1 456 H1 Entyce Snackworks I&J Personal Spitz Green Other H1 F19 New H1 F19 FY18 Care Cross Like-for accounting Reported -like
Slide 15: Marketing expenditure – Like-for-like comparison
GROUP FINANCIAL RESULTS Marketing expenditure – Like-for-like comparison 18.0% 16.0% 15.5% 15.6% 14.0% 12.0% 10.0% 8.2% 8.6% 8.0% 7.3% 7.2% 7.1% 7.4% 6.8% 5.9% 6.2% 6.0% 4.8% 4.9% 4.1% 4.0% 2.0% 1.4% 1.7% 0.0% * Excludes Coty H1 F18 H1 F19 Reduced spend in favour of increased discounts Total exp
Slide 16: Cash generation and utilisation – reconciliation
GROUP FINANCIAL RESULTS Cash generation and utilisation – Reconciliation between FY19 like-for-like and reported results H1 F19 New H1 F19 Like-for-like accounting Reported Rm standards Rm Cash generated by operations 1 573,7 103,9 1 677,6 Working capital to revenue % 25,8 23,0 Capital expenditure 2
Slide 17: Cash generation and utilisation – Like-for-like
GROUP FINANCIAL RESULTS Cash generation and utilisation – Like-for-like H1 F19 H1 F18 Like-for-like Reported % Rm Rm Cash generated by operations 1 573,7 1 560,3 0,9 Working capital to revenue % 25,8 24,6 4,9 Capital expenditure 290,4 193,2 50,3 Depreciation and amortisation 214,8 207,5 3,5 Net deb
Slide 18: Capital expenditure and depreciation
GROUP FINANCIAL RESULTS Capital expenditure and depreciation* 1 000 F13 F14 F15 F16 F17 F18 F19 90.0 0 900 882 849 80.0 0 800 70.0 0 700 322 608 60.0 0 600 567 546 532 623 R million 50.0 0 500 420 318 416 257 394 388 40.0 0 400 262 347 332 283 308 30.0 0 300 257 227 214 200 182 181 20.0 0 200 158 13
Slide 19: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary H1 F19 H2 F19 F19 Total Actual Planned Planned Rm Rm Rm Rooibos upgrade 14 38 52 Biscuit line capacity and process improvements 87 21 108 I&J vessel dry-docks and upgrades 37 45 82 I&J processing plant replacements and upgrades 15 40 55 Abal
Slide 20: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges March 2019 to July 2019 to January 2020 to June 2019 December 2019 June 2020 % Cover % Cover % Cover USD imports 87% 41% 2% EUR imports 84% 43% 2% EUR exports 69% 52% 2% Consistent hedging philosophy provides stability to manage gross margins Excha
Slide 21: Analysis of I&J fuel costs
GROUP FINANCIAL RESULTS Analysis of I&J fuel costs H1 F19 H1 F18 Actual Actual Var Rm Rm Rm Supplier cost for fuel 68,6 62,4 6,2 Hedge settlements (9,8) (1,1) (8,7) Realised cost of fuel 58,8 61,3 (2,5) Unrealised loss / (gain) 23,7 (5,6) 29,3 Opening mark-to-market asset / (liability) 12,0 (3,6) Cl
Slide 22: Performance and Prospects – Beverages
BEVERAGES oe Ee aL Se Performance and Prospects Pct oe {3 i PERIOR QUAL CREAMY TEA LATTE CEYLON "A A delicious instant tea drink ae | v Lm Y y a hy PAIL GROWING GREAT BRANDS
Slide 23: Entyce Beverages income statement – tea
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 2 116,9 2 039,0 3,8 Operating profit 467,0 424,3 10,1 Operating profit margin % 22,1 20,8 6,3 Good growth in tea operating profit despite lower volumes Price increases on rooibos in response to ongoing cost pressure Some re
Slide 24: Entyce Beverages income statement – coffee
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 2 116,9 2 039,0 3,8 Operating profit 467,0 424,3 10,1 Operating profit margin % 22,1 20,8 6,3 Coffee profit decrease due to increased competitor activity Aggressive competitor discounting on mixed instant and premium coffee
Slide 25: Entyce Beverages income statement – creamer
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 2 116,9 2 039,0 3,8 Operating profit 467,0 424,3 10,1 Operating profit margin % 22,1 20,8 6,3 Strong creamer performance High demand due to competitor supply issues – volumes up 22,5% High service levels achieved with utili
Slide 26: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F19 vs H1 F18 Tea revenue growth 2,3 Sales volume (3,5) Premium brands decline at higher price points; competitor discounting Ave. selling price 5,9 Price increases in response to ongoing cost pressure, including annualisation of F18 increases Coffee re
Slide 27: Market shares – value
Market shares – value 70.0% 60.0% 57.6% 57.1% 50.0% 45.0% 41.3% 40.0% 31.5% 30.0% 30.0% 22.4% 20.8% 20.0% 10.2% 11.5% 10.0% 0.0% Five Roses Freshpak Frisco Ellis Brown Trinco H1 F18 H1 F19 Some market share declines due to competitor discounting and constrained environment Creamer gains from com
Slide 28: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F19 vs H1 F18): 25 22 20 15 10 R million 5 0 -5 -3 -6 -6 -6 -10 -8 -10 -15 Robusta / chicory Black tea Glucose Arabica Casein Palm oil Rooibos Rooibos cost increase due to constrained supply and export prici
Slide 29: Performance and Prospects – Snackworks
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Slide 30: Snackworks income statement
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 2 258,4 2 176,5 3,8 Operating profit 429,2 452,0 (5,0) Operating profit margin % 19,0 20,8 (8,7) Lower biscuit profit due to period of poor factory yields, offset by improved volumes Poor short term yields on key lines Isan
Slide 31: Snackworks income statement – snacks
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 2 258,4 2 176,5 3,8 Operating profit 429,2 452,0 (5,0) Operating profit margin % 19,0 20,8 (8,7) Snacks profit declined off higher base achieved last year Selling prices constrained by aggressive competitor activity Volume
Slide 32: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F19 vs H1 F18 Biscuits revenue growth 4,4 Sales volume 3,9 Some recovery in international markets; recovery of market share Ave. selling prices 0,5 Price increases in F18; offset by increased discounting in favour of below-the-line marketing costs Snack
Slide 33: Market share - value
Market share - value 45.0% 41.3% 41.9% 40.0% 35.0% 30.0% 25.0% 20.0% 18.7% 18.6% 15.0% 15.0% 13.8% 10.0% 5.0% 0.0% Bakers (Sweet) Bakers (Savoury) Willards H1 F18 H1 F19
Slide 34: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F19 vs H1 F18): 15 13 10 5 R million 1 0 -0 -5 -6 -7 -6 -10 Palm oil Sugar Flour Maize Potatoes Butter
Slide 35: Performance and Prospects
Performance and Prospects
Slide 36: I&J income statement
Income statement Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 1 173,3 1 198,1 (2,1) Operating profit 146,5 178,6 (18,0) Operating profit margin % 12,5 14,9 (16,1) Revenue decline due to lower sales volumes partly offset by price increases and the benefit of the favourable
Slide 37: I&J operating profit
Operating Profit 200 150 R million 100 50 - 179 -37 -18 -11 25 9 147 6 153 H1 Fuel Vessel Sales Forex Price / mix H1 F19 New H1 F19 F18 price utilisation volume / other Like-for accounting Reported -like standards Fuel price increase includes R29m movement in mark-to-market adjustment Vessel uti
Slide 38: I&J profit history
Profit history 250 207 204 200 189 176 29 50 40 25 22 150 R million 27 153 34 35 102 130 100 87 117 114 13 20 19 17 70 50 50 0 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 H1 Fishing Abalone Simplot Abalone increase in H1 F19 due to: higher sales volumes and stock on hand weaker Rand, impacting reve
Slide 39: Fishing performance
Fishing performance 14.0 12.0 11.6 11.4 10.9 10.0 10.0 9.3 9.6 9.1 Hake tons per sea day 8.5 8.3 8.2 8.0 6.0 4.0 2.0 0.0 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 I&J catch rate Improvement mainly due to change in fleet utilisation - increase in freezer vessel fishing d
Slide 40: Sales volume and selling prices (Hake)
Sales volume and selling prices (Hake) %Δ Comments H1 F19 vs H1 F18 I&J Domestic revenue growth (10,9) Sales volume (19,8) Lower fishing quota and increased export allocation Ave. selling prices 11,1 Price increases and changes in sales mix I&J Export revenue growth 12,6 Sales volume 6,5 Increased e
Slide 41: Performance and Prospects – Indigo brands
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Slide 42: Personal Care income statement
Income statement Income Statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 624,5 631,4 (1,1) Operating profit 128,4 140,3 (8,5) Operating profit margin % 20,6 22,2 (7,2) Fragrance body spray volumes constrained by aggressive discounting across the category in the first quarter Goo
Slide 43: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F19 vs H1 F18 Personal Care revenue growth* (1,6) Sales volume (3,5) Competitor discounting, particularly on fragrance body sprays Ave. selling price 2,0 Price increases to recover accumulated cost pressure, partly offset by increased discounting * Like
Slide 44: Performance and Prospects – Footwear
(a CARVELA KURTGEIGER LACOSTE GANT /ninaroche FTOSONI Performance and Prospects GROWING GREAT ANDS
Slide 45: Spitz income statement
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 954,7 1 035,8 (7,8) Operating profit 283,1 334,6 (15,4) Operating profit margin % 29,7 32,3 (8,1) Footwear volume decline Lower demand in constrained environment F18 record December performance not repeated Stable gross p
Slide 46: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F19 vs Comments H1 F18 Spitz & KG Footwear revenue growth (8,4) Sales volume (8,2) Constrained consumer environment; F18 record December not repeated Ave. selling price (0,2) No price increases on core lines; inflation on other lines offset by 50th birthday prom
Slide 47: Spitz and Kurt Geiger
Spitz and Kurt Geiger Operating profit (Rm) 400 350 300 250 R million 200 150 100 50 0 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 Gross profit and operating profit margins 80% 60% Margin % 40% 20% 0% H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 Ope
Slide 48: Trading density – Spitz stores
Trading density – Spitz stores 47 000 25 000 45 000 43 000 20 000 41 000 39 000 15 000 37 000 R/m2 m2 35 000 10 000 33 000 31 000 29 000 5 000 27 000 25 000 0 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 Trading density (R/m2) Average trading space (m2) Opened 1 new Spitz store Refurbished 6 Spitz
Slide 49: Trading density – Kurt Geiger stores
Trading density – Kurt Geiger stores 35 000 4 300 30 000 4 200 4 100 25 000 4 000 20 000 m2 R/m2 3 900 15 000 3 800 10 000 3 700 5 000 3 600 0 3 500 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 Trading density (R/m2) Average trading space (m2) No store changes in H1
Slide 50: Performance and Prospects – Green Cross
fs GREEN CROSS Performance and Prospects GROWING GREAT ANDS
Slide 51: Green Cross income statement
Income statement H1 F19 H1 F18 Like-for-like Reported % Rm Rm Revenue 153,9 193,3 (20,4) Operating profit (18,8) 4,4 (527,3) Operating profit margin % (12,2) 2,3 (630,4) Retail revenue decline of 18,8% Aggressive discounting across the category Sub-optimal product range Wholesale revenue de
Slide 52: Performance and Prospects – International
AN | International Performance and Prospects GROWING GREAT BRANDS
Slide 53: AVI International operating profit history
AVI INTERNATIONAL Operating profit history - Reported 120 109 100 92 94 93 82 80 73 77 70 R million 60 56 46 40 36 20 - H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 F19 Revenue growth Volumes under pressure, however growth in creamer, biscuits and personal care Some
Slide 54: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F19 H1 F18 Like-for-like Reported % Rm Rm International Revenue 542,3 525,2 3,3 % of Grocery and Personal Care brands 10,8 10,8 - International Operating Profit 108,1 93,4 15,7 % of Grocery and Personal Care brands 10,6 9,2 15,2 Int
Slide 55: Prospects for H2
AVI GROUP Prospects for H2 Target Entyce, Snackworks and Indigo profit growth in a tough environment Sustain medium term approach Careful price / volume management in market expected to remain constrained and very competitive Raw material prices and exchange rates secured support consistent
Slide 56: Prospects for H2 continued
AVI GROUP Prospects for H2 continued I&J performance dependent on catch rates Exchange rates at levels that support sound export profit margins Depend materially on catch rates and size mix Continued strong export demand for Cape Hake brand Quota for CY19 up 9% to 39 252 tons Fuel costs
Slide 57: Prospects for H2 continued
AVI GROUP Prospects for H2 continued Spitz Group Low selling price inflation supported by Rand exchange rates secured Incremental space growth and in-cycle refurbishments Continued focus on costs – rental reductions Sustain medium term approach Continued focus on brand and design via Ita
Slide 58: Investor proposition
AVI GROUP Investor proposition Continue adapting to changing macro environment Ongoing review of business model Group initiatives keep focus on margin management, procurement, cost savings and efficiency Manage our unique brand portfolio to its long term potential Target real earnings grow
Slide 59: Questions
AN | Questions GROWING GREAT ANDS
Slide 60: Information slides
AN | Information slides GROWING GREAT ANDS
Slide 61: Business unit financial results – Like-for-like
INFORMATION SLIDE Business unit financial results – Like-for-like Segmental Segmental Operating Revenue Operating Profit Margin H1 F19 H1 F18 H1 F19 H1 F18 H1 F19 H1 F18 Δ Δ Like-for-like Reported Like-for-like Reported Like-for-like Reported % % Rm Rm Rm Rm % % Food & Beverage Brands 5 548,6 5 413,
Slide 62: Footwear & apparel financial results – Like-for-like
INFORMATION SLIDE Footwear & apparel financial results – Like-for-like Segmental Segmental Operating Revenue Operating Profit Margin H1 F19 H1 F18 H1 F19 H1 F18 H1 F19 H1 F18 Δ Δ Like-for-like Reported Like-for-like Reported Like-for-like Reported % % Rm Rm Rm Rm % % Footwear & Apparel 1 139,3 1 255
Slide 63: Business unit financial results – Reported
INFORMATION SLIDE Business unit financial results – Reported Segmental Segmental Operating Revenue Operating Profit Margin H1 F19 H1 F18 Δ H1 F19 H1 F18 Δ H1 F19 H1 F18 Rm Rm % Rm Rm % % % Food & Beverage Brands 5 345,1 5 413,6 (1,3) 1 051,0 1 054,9 (0,4) 19,7 19,5 Entyce Beverages 2 032,7 2 039,0 (
Slide 64: Footwear & apparel financial results – Reported
INFORMATION SLIDE Footwear & apparel financial results – Reported Segmental Segmental Operating Revenue Operating Profit Margin H1 F19 H1 F18 Δ H1 F19 H1 F18 Δ H1 F19 H1 F18 Rm Rm % Rm Rm % % % Footwear & Apparel 1 139,3 1 255,4 (9,2) 286,5 342,4 (16,3) 25,2 27,3 Spitz 954,7 1 035,8 (7,8) 294,6 334,
Slide 65: Revenue 0,2% up on a like-for-like basis
INFORMATION SLIDE Revenue 0,2% up on a like-for-like basis 7 500 7 250 7 000 R million 6 750 6 500 7 300 78 82 -25 -7 -81 -39 4 7 312 -244 7 069 H1 Entyce Snackworks I&J Personal Spitz Green Other H1 F19 New H1 F19 F18 Care Cross Like-for accounting Reported -like standards Entyce: Strong creamer
Slide 66: Gross profit 1,4% down on a like-for-like basis
INFORMATION SLIDE Gross profit 1,4% down on a like-for-like basis 3 400 3 300 3 200 3 100 R million 3 000 2 900 2 800 3 282 54 -19 -7 -8 -48 -21 4 3 237 -272 2 965 H1 Entyce Snackworks I&J Personal Spitz Green Other H1 F19 New H1 F19 F18 Care Cross Like-for accounting Reported -like standards Enty
Slide 67: Cash flows
INFORMATION SLIDE Cash flows 2 000 1 800 1 600 1 400 1 200 R million 1 000 800 600 400 200 - 1 735 -18 -345 -290 774 -83 -94 -856 -823 Cash from Working Taxation Capital Increase in Lease Net interest Ordinary Special operations capital and expenditure net debt liabilities paid paid dividends divide
Slide 68: I&J fishing quota
INFORMATION SLIDE I&J fishing quota CY13 CY14 CY15 CY16 CY17 CY18 CY19 Quota (tons) South African Total Allowable Catch (TAC) 156 088 155 308 147 500 147 500 140 126 133 120 146 430 % change in TAC 7,8 (0,5) (5,0) - (5,0) (5,0) 10,0 I&J 43 689 43 471 41 223 41 245 37 901 36 013 39 252 % 28,0 28,0 27
Slide 69: Trading space and trading density – Spitz
INFORMATION SLIDE Trading space and trading density Spitz H1 F19 H1 F18 Number of stores 76 77 Turnover (Rm) 837,7 909,9 Average m2 19 572 20 267 Trading Density (R /m2) 42 801 44 897 Closing m2 19 745 20 243 Like-for-like metrics* H1 F19 H1 F18 Number of stores 74 74 Turnover (Rm) 824,2 892,7 Avera
Slide 70: Trading space and trading density – Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger H1 F19 H1 F18 Number of stores 33 33 Turnover (Rm) 117,0 125,8 Average m2 4 194 4 194 Trading Density (R /m2) 27 910 29 999 Closing m2 4 194 4 194 Like-for-like metrics* H1 F19 H1 F18 Number of stores 33 33 Turnover (Rm) 117,0 125,8 Ave
Slide 71: Trading space and trading density – Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross H1 F19 H1 F18 Number of stores 44 45 Turnover (Rm) 114,6 141,2 Average m2 5 431 5 396 Trading Density (R /m2) 21 108 26 165 Closing m2 5 410 5 536 Like-for-like metrics* H1 F19 H1 F18 Number of stores 41 41 Turnover (Rm) 109,0 135,2 Ave
Slide 72: Closing number of stores and trading space
INFORMATION SLIDE Closing number of stores and trading space at the end of each period Period Spitz Kurt Geiger Green Cross End # of stores Closing m² # of stores Closing m² # of stores Closing m² June 2009 56 15,595 3 346 December 2009 56 15,220 3 346 June 2010 56 15,012 3 346 December 2010 57 15,1
Slide 73: Growing Great Brands
GROWING GREAT ANDS