No surprise in these results, which were in line with H1.Main...

No surprise in these results, which were in line with H1.
Main difference was a stability of sales during H2 (vs - 3.7 % in H1), but with some margin deterioration during H2 :
- gross margin : - 10 bp for FY 24 (+ 10 bp for H1),
- CODB : + 0.7 % (+ 0.3 % for H1).

Once again, the main positive element in FY 24 came from the cash from operation (+ 3 % despite - 7 % for the EBITDA).
Free cash flow (after lease) decreased by 12 % due to + 15 % for leases.
Free cash flow yield remains high at 11 %.

No surprise also for the dividend which remained flat (like H1) with a final dividend of 5.5 c.
So it keeps one of the highest yield of retail stocks with a yield of 8.5 %.

The main surprise came from the new initiatives of the company.
While it has been criticised for the lack of growth, it has announced new projects to push its future growth.
Rather than opening new stores and/or doing acquisitions, the company has announced that it is going to launch its first private brand offering.