Good afternoon everybody and welcome to this Truworths Group results presentation for the 52 weeks to the 28th of June 2026. I'd like to introduce myself for those who don't know me.

I'm Sarah Proudfoot, I am the Co-Deputy CEO, and online today we have our CEO Michael Mark, who is currently in New York, and because his Wi-Fi connection is a little bit unstable, he will be listening and joining when possible. Other than that, we have Mannie Cristaudo, who's the other Joint Deputy CEO and our CFO, and also Reon Smit, who is our Financial Director.

We have quite a lot to share with you today. This is our agenda, and we're going to try and move through it quite quickly so that we can cover the strategic areas with more of a focus there than on the numbers themselves, which you will have had the opportunity to read from our results presentation, from our results statement.

You all know it's been a challenging year for us, and we are a little bit disappointed in the results understandably, but it's been a challenging year for consumers generally in both the markets in which we operate, both South Africa and the United Kingdom. We feel happy that there are some very nice positives that have come out of these results.

For the first being we've protected our margin, we've continued to be highly cash-generative. We in fact have a cash conversion rate that improved to 97% from 90% in the previous year.

We grew Office in the UK by 4.9% in a difficult economy in the UK, and Truworths, although we had a very difficult first half, had a much improved second half of the year. We continue to invest in growth, particularly in store expansion in the UK, and our online contribution grew to 21%, and we had more than 20% growth in online in Truworths South Africa.

As always, we build on the long term. Truworths is always guided by its business philosophy, and many of you will be familiar with it, but it essentially is our beacon and our guide, and it ensures that we always focus on the long term, as opposed to reacting unduly to any short-term things happening in the economy or in the business itself.

Because of that, we invest in organic growth, and we really try and return and are successful in returning our surplus funds to our shareholders [unclear] with a clear sense of how they are going to enable us to accelerate our business in the long term. Our growth is our challenge in Truworths Africa in particular, and we are very, very aware of that.

Our growth is going to be deliberately driven by a combination of our brands and our product, which is what we call our hero, and we're going to talk to you a little bit more about that, and obviously by better customer engagement through our very large account base and our very large number of loyalty customers. We believe that we are well positioned to move forward for the next century.

We currently a 100 [unclear] familiar with it, and I think it speaks for itself. Today we're going to be focusing on telling you quite a lot about the strategy that we have for growth, and a fundamental illustration of the essence of our business philosophy, and we refer to this as the hero and the pedestal, and it is the relationship that determines everything that we do.

To explain it a little bit further [unclear] all of which are wholly owned and exclusively available in Truworths stores only. It is that that creates the unique model of our Truworths Emporium, which we believe we haven't seen anywhere else in the world.

That's the hero. Very importantly, a hero is supported by what we calling the pedestal, and we are seeing this as if you would [unclear]

Good afternoon. I know that there were some problems.

There was some network issue, I think. We had an issue with the service provider, and so we'll carry on.

I know that we've lost some time, we'll have to move through quite quickly. Apologies for that.

We'll switch back to Sarah, who'll carry on going with her presentation.

Thank you everybody and sorry again for that. I'm going to try and give a very brief synopsis of what we said and hopefully it will be clear enough to everybody the essence of what we trying to get across.

Essentially, the challenge we face is we're operating in a constrained economic environment, and we have limited upside on store growth because we already have such a mature and well-positioned store portfolio in all of the top malls in South Africa. We also are sitting in a situation with a really well-established and mature account base.

The ability to easily scale good new accounts at this point in time also represents a challenge. Therefore, in order to achieve the top-line growth that we're very aware of the fact that we need to achieve, it has to be through product.

We are focusing a lot on an illustration that is the essence of our business philosophy, which is the concept of the hero and the pedestal, where the hero is the combination of our product and our brands, which is a very unique offering, and the pedestal is the platter on which the product is presented, and that is made up of the store portfolio, the credit book, and the e-commerce and digital components, and obviously others that form the pedestal of the product. Then very quickly, we are focusing on a product-tiered architecture, and really expanding on this and using our brands in a very considered way to build what we showing you here, a product staircase.

We've worked very hard in the last few years at establishing a core range, which was largely absent in the Truworths offering in volume, and we are very pleased with the progress we've made in this regard, and we now feel we have a nice range of well-priced, excellent-quality basic product across the men's, ladies, and kids product, and we're going to continue to focus on building and scaling that. Then it comes to the tiering part.

Now, because of our positioning, we can offer, and we are required to offer by our customers, elevated product of a high quality and a high level of fashionability. That is the first take and that's what we focusing on.

Then, importantly, we are specifically tiering up from there with better-quality fabrics, more elevated and detailed styling, adding detail into the product as opposed to chasing cheaper prices, and then lastly, introducing some top-tier product new ranges into the mix, and they are specifically Hechter and Ovelo, and we can talk to you a little bit more about that. The concept is we've got to make the product more desirable through the entry price point, through the tiering up.

We believe that if we do this correctly, the customers will choose to trade up voluntarily, because although the prices may be higher, the desirability of the product will be greater. This will change and impact our sales mix and give us some inflation.

We've been operating in a deflation situation intentionally for the last few years through the tough cycle, but we now see the opportunity to actually drive some inflation into our mix, which we believe will be very helpful along with other things in driving sales growth. That's what we calling the architecture of aspiration, and it's really, we believe, our key strategy for growth in Truworths.

The merchandise has to be desirable, and then importantly, our accounts enable the purchase of that elevated product to our customers, and it will enable the desire purchase. Importantly, we've got 17.4 million unique loyalty customers, and a total of 24.3 million memberships to Truworths, in other words, people we're able to communicate with, which is a significant percentage of the potential adult customer base in South Africa.

Mannie will talk a little bit further about that.

I'll go through the financial review. You've seen the results, I won't spend much time on it, and I'll try catch up a bit.

Again, apologies for the technical issues, and thank you to those that messaged us, else I think we would have been chatting for 45 minutes and no one would have been listening. Anyway, I'm glad it's sorted.

I'll just start off with saying how have we done relative to our plans. We launched Fuel Ladies, and we're preparing for the launch of new brands: Hechter, Ovelo, and Offspring in summer '26.

Some of those products have gone to stores very early days, but we're quite excited about that. As Sarah mentioned, there's been a lot of progress on product and brand differentiation and elevating our appeal.

We managed to sustain gross margin. There was an accounting change with our cellular sales.

If you go like-on-like as to how we accounted for that before, our gross margin would have increased by 20 bps. We thought that was good in this really tough environment.

We consolidated our distribution centers. We've got a state-of-the-art DC with pot allocations running and high volumes of replenishment.

We acquired the Office UK DC, that was 105 million, to support the expansion plans of the UK business. Then we refined the emporium concept.

We constantly refine the stores, and we've got some really fantastic slides to show you about our plans around Eastgate and Sandton, which will be the first two of the refined emporium concept. We invested 12 million in Office UK store development.

We opened eight stores, and the weighted average trading space growth was at 8.1%. There is still room to grow stores, and I'll show you later what our plans are there.

The online contribution performed well. It went to 21% from 20%, and Truworths Africa is at 8.1% at the moment, and Office UK stabilized at 44.

I must add that Truworths online and Office, it's been profitable from day one. We ensure that it's profitable, and we think that we've got really good technology and expertise in this area.

We sustain investment in technology. AI is a key component of our strategy going forward, and it's infiltrated in many areas of our business.

Returned 2.8 billion rand to shareholders through dividends and share buyback. The share buyback, you'll see later you probably read it was 749 million rand worth of share buyback, and we generated net cash of 196 million, and that was after the buybacks.

If you look at our KPIs and what we achieved, we were all within our medium-term targets that we published last year. What's interesting, for a long time now we've outperformed local and international benchmarks.

Although some of the KPIs would have reduced slightly from last year, they really good from local and international norms. This slide here, really I just want to point out this, is that cash generated from operations, it's down 12.9%, but on a comparable basis, when you take the timing of month-end payments, it decreased by 2%, excellent cash generation.

You'll see that in the slide later. Gross profit trend, 51.3.

I spoke about the change in cellular sales, would have gone up slightly, really good, consistent gross profit performance in this market. You can see there's been some normalization, particularly this return on equity and return on capital from the post-COVID period, but these KPIs are still relatively good, and we feel that we've performed reasonably well with these.

If you look at our return on invested capital versus WACC, this is something that's very important to us and we focus on this. We outperformed WACC with 21% to 13%, we continue to add to our business, and we think that this is a really good measure for us to focus on.

What I must say when we build stores, we always look at the return on invested capital. In the UK, it's excellent.

Essentially, it exceeds the initial plans. In South Africa, it's a little more difficult, but we want to just keep investing.

We're pleased with this performance. I won't go into the balance sheet.

You would have read it, and just for time, I'll move on from here. You can see here that we finished up with net cash of 196 million, and this is after share buybacks of 949 million.

Truworths Africa is still sitting at 2 billion rand, that hasn't really moved, 2 billion rand in debt, but from a group perspective, we're sitting at 196 million rand of cash, which is I think really good, particularly in an environment that we face at the moment. The cash flow analysis will show you that we generated 4.4 billion rand of EBITDA cash.

We received some interest, as per normal. We acquired the Office UK DC, that was 105 million, of 267 million capex maintenance.

We funded the dividends, and there was 949 million rand worth of share buybacks. We would have generated 826 million of net cash excluding the share buybacks, the acquisition of the Office DC, and the acquisition of some land next to our DC at the airport.

That land was around, I think about 52 million that we bought, really good cash generation. If you look at Truworths Africa, better second-half performance as Sarah mentioned, but it has been a tough environment.

Gross margin has increased, that's the 54% to the 53.6. Excluding cellular change, I think it would have gone up by 30 bps to 54.3 versus 53.6.

A nice improvement in margin, and that's essentially from less promotional activity. Retail sales, tough all around.

The ones that battled the most were the kids business and Identity, but generally, it was really tough. Menswear had a relatively decent performance, and they were flat on the prior period.

Stores, we closed 26 stores and we opened 24, net two down, and our sales densities at 36,000 are still good, considering, and if you look at the trend, which is this dotted line that goes across here, the trend is still slightly upwards. Merchandise inflation trend, this is what Sarah was talking about, we had negative inflation.

We typically don't perform that well with negative inflation, we're expecting positive inflation in this next year, and we'll force it where we can by adding more value to the product to increase the inflation, probably finish at 4 3%, 4%, I would think. GP trends, quite consistent, which is, I think, relatively quite good.

Analysis of trading expenses, I won't go into this, you can see the detail, other than the trade receivable costs. We had an increase in provision.

The South African economy is quite constrained, and the consumer has some challenges at the moment. I'll show you a slide a little later on the TransUnion Index, which indicates some of the concerns in the credit environment.

I'll just skip through those. This is 2.8 billion rand last year to 2.6 billion rand this year in profit before finance costs and tax.

These numbers. In terms of store development, or capex, I should say, you can see we spent 186 million rand on store development, and we spent 33 million on computer software infrastructure and 58 on land, buildings, and refurbishments.

In totality, we spent 280 million rand in capex versus the 467 last year. I don't know if you recall, but last year we had the distribution facility that we were flying money into, and that is now fully live and operating very well.

Cash flow in Truworths is pretty good, and you can see that even after we paid the dividends, and Truworths funds the dividends paid completely, we don't get a contribution from Office in this regard, but we were essentially flat on movement of cash. Office UK, profit before tax up 6% and retail sales up 4.9%, not a bad performance, and the second half was struggle a little relative to the first half, but we are fairly pleased with this performance, and an 18.6% trading margin relative to the 18% last year was good.

I won't go into this too much. This essentially just shows you where the sales come from.

The majority come from the United Kingdom, and we have some sales coming from the Republic of Ireland. From a store perspective, we closed one store and we opened nine, and approximately 50% of our stores are now renovated or new or renovated even a new format, and I'll show you some pictures of those, they're looking wonderful.

Sales densities slightly lower than last year, but we still think they're pretty good at £15,000 per square meter. The GP trend, slight decline in GP as there was additional promotional activity in Office relative to last year, just a slight downtick in the margin.

Trading expenses, I won't talk too much about this. We can go through it if you guys have got questions, you just click on the link and ask us, we'll try and answer those.

Profit before tax, 66.7 versus 61.5 last year and improvement in EBITDA margin and in operating margin. Capital expenditure, you can see bulk of the capex is in store renovation and development, where we've invested substantially, and then in our distribution facilities, and we mentioned that we bought the DC, it's in Kilmarnock in Scotland, and that was a purchase that we made.

Then we starting to invest in computer software infrastructure, putting in a new merchandise management system that should be live in about 18 months. Good cash flow, we would have generated 33.6 million net cash excluding the dividends paid to Truworths, and those dividends were paid to Truworths to do the share buyback, and excluding the DC acquisition, a highly generative cash business.

Account management, I'll go through a few slides here. It is an asset to us, it's how we communicate with our customers.

Sarah explained that it's part of the pedestal that supports the growth, it enables our customers to buy merchandise that is more expensive than many of our competitors. We had really good targeted account acquisition strategies, we opened more new accounts at less cost this year.

Loyalty has become our primary origination engine for that, we've got 17.4 million unique loyalty members, and of course, we score those regularly, and the ones that came to open an account who then failed, if they then pass once we rescore them, we offer them an account. That represents about 55% of all new account opens, it's a tremendous asset.

Our Payflex product, which is our group's in-house buy now, pay later product is gaining momentum. It's still relatively small in the grand scheme of things, but we're showing to have some good traction with this product.

Some really good disciplined credit management, and some strides that we've made in customer engagement. We put some new technology in place to enable us to hyper-personalize our communications.

Then AI, of course, as one would imagine, has moved into top gear here in this space with all our scorecards. We run the portfolio with round about 56 scorecards.

This is the TransUnion Credit Index. It comes out regularly, and if it dips below 50, and it's currently at 49, it shows debt stress, and one can see that this is really to do with the petrol price increase and the pressure on the consumers that it has dipped.

When one looks at it, the household income has declined, lending has increased on credit card and personal loans, which is essentially a sign of distressed borrowing. This is available on the TransUnion website if you want more detail, but this shows that there is pressure on the consumer in South Africa from a credit perspective, hence we raised the provision.

I was talking about this, we still had 4.5 million account applications, slightly down on last year, but that was more targeted, and we had a better risk approval rate and a better open percentage as a result of that. The age distribution: 40% of new applicants are younger than 30.

Of course, many of them can't get accounts because they don't have good credit profiles, but they do become loyalty members and they're feeding to our pot, and then 58% are younger than 35. Some statistics around the credit book: so number of accounts is essentially flat on last year.

The trade receivables book is just slightly up. We increased the provision from 20.8 to 21.7.

You saw this on the previous slide that we made improvements in accounts opened as a percentage of applications and risk approval rate. Then the overdue percentage of debtors is sitting at 17%.

If anything else I can speak on this slide, I think that's about it. We can answer any questions on that.

This one here, active account holders able to purchase, 77% versus 79%. We have got a query as to why is the overdue rate the same as last year, but the percentage of account holders able to purchase at period end is slightly lower.

One is a value and the other one is a number, they're two different statistics. We're going to start to talk about aspirational fashion in our strategic initiatives, just cognizant of time because we have 20 minutes left.

I'll hand over to Sarah to go through these next couple of slides.

Thank you, Mannie, and I'm going to move through quite quickly. We've already spoken about the initiative to elevate the product mix, and the rollout of the new brands.

The one I didn't mention was the brand-new streetwear brand called Offspring. That's a men's very cool elevated streetwear brand, and then you're familiar with our Fuel Men's brand, which is also a young energetic street brand, and in this period we introduced Fuel Ladies, and we're very pleased with the early performance of that brand.

The basics we continue to scale and develop, and then importantly, the use of our branding, the brands that we have, which our customers love and often think are international brands by the way, the application in very creative and elevated ways of those brands onto our product to drive aspiration and elevation through that technique. We continue to have very good quick response capability out of our design division, and we are doing a lot of work with virtual product development, which is obviously shortening lead times and improving dynamism in product development.

We are investing in a new AI-enabled product lifecycle management system, which we're going to be implementing over the next year or two, and a lot of advanced AI integration into the merchandise side of the business as a whole for design, planning, and forecasting. Then we've seen very nice synergy opportunities between Office and Truworths on the merchandise buying side through supplier collaborations, and then also continued synergies within our design centers across men's, ladies, and kids, which are giving wonderful economies of scale.

We're testing and scaling the brands, Office and Offspring in the UK. We've particularly focused on again the aspirational tiering up.

There's a lot of opportunity for Offspring as we see it. Office is going really well in terms of the expansion there, and the MTO, made-to-order or own-brands range of shoes within Office UK has seen an improved performance, and we believe there's opportunity to grow that component of the range, and obviously it comes with a high margin.

Then we've got work actively in place at the moment on both warehouse and merchandise planning systems in Office UK. Those will go live in the '28, the next financial period.

Thank you, Sarah. I'll quickly go through these.

I really want to try to leave some time for questions, I'll run through these quickly. Just as a reminder, this will be published on our website.

In fact, I think it's already published at the moment, this presentation. Supply chain, it's really to leverage the Truworths Africa distribution center, and to make improvements in the way we part-allocate.

We also need to be looking at reviewing the logistic partnerships to reduce costs, of course, as a massive cost in the retailer such as ours, there's a ton of work happening there. Can be continued to strengthen the supply base and some of the local CMT suppliers.

We helped them, it's when we support. We looking to shorten the lead times and in the UK, we want to expand capacity, which is why we bought the DC.

In terms of the customers, expand the range of the credit products, we're going to continue to scale Payflex, and then we will commence rolling out with third-party buy now, pay later products. Hopefully, we can get some of those in this side of the year, that's quite but we'll see how that goes.

We want to grow the effectively active account base through targeted conversion of the loyalty members. Deepen the customer experience with this new product that we've purchased, which enables us to personalize our communications.

AI integration, I spoke about. It's a really low-hanging fruit component of use in our business when one talks about credit risk and operations, but AI has permeated across many aspects of our business.

Want to grow our e-commerce contribution and integrate the Office and Offspring apps into the CRM system. If I talk about retail presence, we've got the largest store opening program planned since COVID.

That's in South Africa, I can't remember the percentage, but I think it's about a 2.5% retail space growth in South Africa. We've got this new format concept, which I'll show you, which is looking absolutely amazing, and we'll continue to roll out the new brands, which are showing promise, and we've integrated Sync, the Sync format, into Identity.

We'll of course continue to optimize trading space by introducing the brands. Let's look at here.

This is transform the in-store customer experience through technology-enabled stores, there is a push to put more technology into our stores, and we're always working to reduce fulfillment costs in e-commerce. We want to expand and modernize the Office UK store portfolio, I'll show you some slides, and then selectively expand Offspring, that seems to be an opportunity for us.

I'll just go through these slides. We have a new concept, it's called Forme.

We regularly redesign to keep fresh. This one here is in Eastgate in Johannesburg.

This is the Truworths entrance, which is absolutely beautiful, that leads into Hey Betty, Inwear, and Ginger Mary. This is what we're doing in Hey Betty and what we're doing in smart leisure and formal, and you'll see Inwear.

It's young and fresh and very enticing. OBR and Hemisphere is our jeanswear store.

This is a concept that can be rolled out to be a standalone store, but this is what the entrance will look like, and it's the first time we've combined men's and ladies in a format such as this into an actual a jeans store. Truworths Man, that's the entrance there, it's looking actually really good.

Some other pictures of the menswear side, you'll see Uzzi there, Men's Streetwear on the bottom right, and then we've introduced Fuel Ladies, and that follows our introduction of Fuel Men's, and that's performing well. Context, that's and loads of living, that's what it'll look like.

Looks amazing. You'll see it over there.

This is Hechter, and Sarah did speak about this, leading into Ovelo, our upmarket product range. We'll still have Daniel Hechter, of course, but this is Hechter, which is tiered up a few price points, similar to Ovelo.

Here's just some images of what they'll look like in stores. Shoes and accessories area, and our jewelry cash desk, and a concept called Scribe that we're experimenting with.

It's essentially a stationery concept that we'll be experimenting with. Identity, this is the new concept is called Signal.

This is the entrance what it's going to look like in Eastgate. You'll see a fantastic entrance with men with Identity Ladies and with Kids, to entice customers in, and the landlords are very excited about this, as we are.

You'll see this is just some images of what we've done here. Sync that we've introduced in Identity is you can see that the sign there on the top left, and then you can see what it looks like on the bottom right, and we'll be introducing Sync Beauty, and then there'll also be a stationery component in Sync.

Those will be new experimental brands that we'll introduce. Now off to Sandton, Eastgate was really quite different, but we decided to push the envelope a little further in Sandton, and this is still in development phase, still conceptual, but this is what we're talking about: beautiful round entrances, great architectural features, a massive shopfront as you walk.

This is across from Zara in Sandton City. We'll have our jeanswear store there as well.

Looks like this, it's a combination, I guess, we think it's a combination of Selfridges and Zara, you have these pockets of enticement and different feel for each of the brands as you walk through. This over here, where you see this brightly colored sort of area here, is Ginger Mary, quite a different look and feel.

Ladies, this is a young fashion concept that we've got going here, Ginger Mary, what it's going to look like. This is conceptual, of course, but should be something close to this, and then Inwear.

Then just to the UK now, now we're in a fantastic location in Carnaby Street for Offspring, and so we'll be building an Offspring store there. This is the rendering of the images: the entrance to Offspring, and the first floor, which is very, very exciting.

Then we're also taking Offspring further into Selfridges, this is what the concept looks like. This is the Offspring Selfridges men's concept over here.

Really good digital displays, that looks fantastic and enticing. This is our Office stores, which we have this new format, and we're rolling this out.

Looks beautiful, I'll show you some before and after images, and you can see the difference. Here's a before in Belfast High Street, this is what it looked like before, this is after we finished it.

This is in Leeds Trinity, what it looked like before, pretty dark, and this is what it looks like afterwards. The landlords love this concept of ours.

That's what the stores look like. I'll go through the outlook because we have literally 9 minutes.

You saw this trading update, we sent it out. I just want to point out that this gross profit increase in Truworths Africa in rand value and Office UK in pound value increased by 3%.

It's not an increase in the margin percentage, this is an increase in GP, and it's [unclear] 16.4% on the weighted average in the UK, some really good growth in the UK. We believe the group is very well positioned to take advantage of improvements in the macro environment.

We confident that there's a gradual recovery in retail spending over the medium term, and the new fashion brands and store concepts will be introduced and trialed to extend the appeal. Growth is expected to be driven primarily through product innovation, through the brand development that Sarah was speaking about, and of course, through customer engagement and improved value extraction.

We'll leverage off our 2.9 million active customers and our millions and millions of loyalty members, and the growth will be supported by the large [unclear] investor relations mailbox, and if you have any questions that you need to send to us after this presentation, please direct them to this mailbox. We've got a team of people that respond, we try to get back to you within 24 hours.

I'll now go to the questions. [unclear] was good.

The in Office, the cost growth will come primarily from new stores [unclear] primarily, but other than that, it's well contained. There's a question here, "Michael, when will you retire and spend more time with your loved ones?"

We joke and we say Michael's loved ones are Sarah, myself, and Reon, and other people in the business, but seriously, the Nomination Committee is comfortable with Michael, and they will decide and he will decide when it's time to step down. I've just been told that we're hanging again.

I'm not sure if that's how true that is, but I'll just carry on. If SA sales come under pressure, to what extent did SA's relatively short winter have on this?

We started off winter quite well. It's a good question.

We did start off quite well, but at in June was fairly poor. I don't think, we look at the weather, and it was perhaps a little milder this year, but we don't really talk like that and look at it.

We just focus on what we can do. It was milder, and probably contributed a bit, but I'm not too sure by how much.

What level of inflation do you see in Truworths Africa in 20 2027? I answered that, it's about 3%.

Why a change in accounting policy for telecoms revenue? It used to be commission-based, it's now sales-based with a gross margin, and that was the partner that we had in the telecoms area asked us to do that.

Looks like we're hanging again, guys. Not sure.

Let's have a look at this. I'll just carry on.

Please clarify what the normalized Office UK EBIT margin was, and what the profit growth excluding the adjusted and excluding foreign exchange gains. Reon, I don't know if you want to answer that one?

Yes, sure Mannie. We haven't disclosed the full detail, but all the information is in the financial statements, you can easily calculate it from there.

Given time, I think I'll leave it at that for now.

Thank you, Reon. This is another question, "How does profitability both of online versus offline compare to one another in SA and Office UK?"

To one another in SA and Office UK, what's interesting about online, we've been profitable from day one, but online has a higher contribution of markdown sales. When product goes on markdown, online spikes.

It spikes more so relatively to the other product that we sell online, it's probably slightly lower profit, but still very profitable. This is another one, "Could you provide some insights around that downtrend in your inventory allowance since 2019, but this downtrend is at the same time as your inventory turn has been deteriorating, and GP margins have been under pressure.

Is this a change of assortment, or is there another dynamic that I'm overlooking?" This is insights running to say downtrend of our inventory allowance.

I don't know, Reon, if you want to answer this one?

Mannie, I think all I'll say is that we have always managed our stock in exactly the same way for many, many years. We know exactly where we want to end the season, and we target very specific terminal stock levels.

We're very comfortable with the levels that we operate at, and we, as always, we are fully provided at the end of the seasons, and we're working towards achieving our target terminal stock levels.

Thank you, Reon. This is one for you, Sarah.

What caused the poor performance in kids?

Thanks, Mannie. Kids had a disappointing year, and I think there were some issues with adequate brand differentiation, which the teams are very aware of, and we have been working very actively to bring in much better brand differentiation, which results in better differentiated product so there isn't internal competition within our brands.

I think we're comfortable that good progress is being made with that initiative.

Thank you. One question here, "What is weighing on cash sales post-period end?"

I'll answer that. The first 7 weeks, I think there's an infatuation with the first 7 weeks.

The first 7 weeks is not indicative of what's going to happen in the season. There's a lot of promotional activity that's going on, and so one cannot say these are the first 7 weeks, you're trading poorly and therefore this is going to continue.

The cash sale performance is down, and I can relate that likely to be the consumer that's under stress, they're preferring to use credit, where they can pay off in installments rather than pay a lump sum off in cash. Then there's one more that I've got time for, because if I look at this, we at 2:00.

"Given the strong cash generation, attractive share metrics, and excessive cash offshore, will you be initiating a new share buyback program?" Thanks for that question.

We consistently look at share buyback. When we have excess cash, and with the permission of the board, we look to buy back shares regularly.

It's likely that if we have excess cash and we get approval from the board, we will continue with our share buybacks. I'm sorry, guys, but we don't have time.

We're actually at 2:00 now, and really apologize for the technical glitches, and I think there were some glitches even now while I was speaking. Please send your questions through to investor relations, and we'll answer them as speedily as we can.

Thank you for your time, and we'll see some of you at the upcoming conferences that we attend. Thanks very much.