SALES OPERATING PROFIT
BEFORE TRANSACTION
COSTS		 CASH GENERATED
FROM OPERATIONS*		 HEADLINE EPS
BEFORE TRANSACTION
COSTS		 DIVIDEND PER
SHARE		  
     +11.6%  +10.3% -28.8% +8.5% 386 cents  
  TO R52,950 MILLION TO R2,059 MILLION TO R1,878 MILLION TO 616 CENTS UNCHANGED  
      * excluding cash-effect of
Transaction Costs		      

Prospects

For the 8 weeks to 21 August 2011, total sales increased by 13.5% and comparable sales increased by 7.1%, indicating perhaps either another market share gain, or a healthier than expected consumer.

Whilst we expect that our Walmart relationship will be positive for the Group’s future financial performance, we anticipate that this will only be seen in the 2013 financial year and beyond.

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Strategic Vision 2014

Our Strategic Agenda has remained consistent and we have maintained its implementation momentum throughout this period.

The focus remains on increasing comparable store sales growth through aggressive trading, supply chain development and the addition of Financial Services. This year we opened and commissioned a new Massdiscounters Gauteng Regional Distribution Centre, and soft-launched the Builders Warehouse credit card in partnership with third party credit provider, RCS. We also implemented several new systems improving our replenishment and space planning capabilities.

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