Reviewed results for the 52 weeks ended 28 June 2026 and cash dividend declaration
A year of shared stakeholder value creation, underpinned by growth in sales, earnings and dividends
Key information – continuing operations*
Group revenue increased by 7.1% to R274.8 billion (restated 2025: R256.6 billion)
Group sale of merchandise increased by 7.2% to R270.8 billion (2025: R252.7 billion)
Supermarkets RSA sale of merchandise increased by 7.1% to R228.7 billion (2025: R213.5 billion)
Diluted headline earnings per share (DHEPS) increased by 12.2% to 1 527.4 cents from the restated 2025 base of 1 361.0 cents (previously reported 2025: 1 367.2 cents)
Adjusted DHEPS increased by 12.5% to 1 579.2 cents from the restated 2025 base of 1 403.5 cents (previously reported 2025: 1 410.2 cents)
In line with the Group’s dividend cover policy (1.75 times DHEPS from continuing operations) the full-year dividend per share increased by 11.8% to 873 cents (2025: 781 cents)
The Group opened a net number of 232 stores during the past 12 months
In terms of job creation, 5 491 direct new jobs were created during the year
Pieter Engelbrecht, Chief Executive Officer: “Execution is a team sport”
Execution is a team sport. It requires alignment, accountability and commitment across every part of the business, and our 2026 result reflects exactly that. To our over 174 000 employees who made this achievement possible, I sincerely thank you. It is my privilege to present this result, which for me reflects our collective strength, and the trust we earn every day by delivering on what matters most to our customers.
What makes this performance meaningful is not only the growth delivered, but the context in which it was achieved: a year in which affordability and lowest prices remained central to how we served our customers, manifesting in internal selling price inflation within our Supermarkets RSA segment of 0.8% (below Stats SA’s official food and non-alcoholic beverages inflation of 3.9% for the period) and more notably, with selling price deflation at both of our price fighting brands, Shoprite and Usave.
Despite this, the Group increased sale of merchandise from continuing operations by 7.2% to R270.8 billion. I say it often when people like to compare percentages: 1% Shoprite growth is R2.5 billion rand, and similarly, 7.2% growth equates to an additional R18.1 billion in incremental sales versus the comparative period.
Housing the distinct supermarket brands that underpin our clearly defined and consistent market segmentation strategy, our core Supermarkets RSA segment added R15.2 billion in sales to last year’s base. These businesses continue to contribute the lion’s share of Group sales (84.5%), increasing sales for the period by 7.1%. Shoprite and Usave increased sales by 4.3%, with internal selling price deflation of -0.1% and -0.6% respectively, while Checkers and Checkers Hyper increased sales by 10.0% from internal selling price inflation of 2.0% and 1.2% respectively.
Included in Supermarkets RSA’s sales is our Sixty60 on-demand digital platform, which added a record R6.6 billion in revenue for the year, increasing sales 34.5% to R25.5 billion.
At Shoprite, where we have the infrastructure and expertise, we develop adjacent businesses that complement our ecosystem and, increasingly, our Sixty60 on-demand delivery platform. The pet category, launched in 2021, is a prime example. Following the opening of a net 41 stores during the year, Petshop Science reached 185 stores and increased sales by 74.5%, supported by its addition to the Sixty60 platform.
In parallel, over the past decade we have moved selectively from a do-it-all philosophy to partnering or acquiring where specialist expertise, capacity or speed-to-market offered a clear advantage. With this in mind, we have embarked on two relatively small (i.e. not categorisable in terms of the JSE Listings Requirements) but strategic acquisitions that provide immediate capability and market presence in adjacent growth markets.
The first of these lies within our financial services business with the purchase of an initial majority shareholding of South African technology and payments company, R&A Cellular (effective, post year end, during August 2026). R&A Cellular’s device network enables informal and semi-formal micro-retailers to deliver convenient, high‑frequency financial services access points for essential everyday services within their communities while supporting their own cash‑flow and inventory management. The transaction forms part of the Group’s financial services growth strategy and will enable the meaningful scaling of the R&A Cellular platform by expanding the installed device base nationally across informal retailers, broadening their value‑added services (VAS) offering, and, embedding the use of the Group’s financial services products within the R&A Cellular ecosystem. These initiatives are expected to drive growth, deepen customer engagement, and extend the Group’s financial services reach into the informal sector.
The second acquisition, Vida e Caffè (Vida), strengthens our presence in the coffee and quick service restaurant (QSR) category while adding deep operational expertise in this fast-growing market. With 25 years of experience, Vida has established itself as South Africa’s leading coffee brand, operating approximately 400 corporate and franchise stores nationwide. Its broad and demographically diverse customer base is supported by a range of store formats, including high street, forecourt, drive-thru, corporate office and retail locations, as well as an increasingly integrated digital offering. This combination provides a strong platform for future growth and customer engagement. Authentic, innovative and highly relevant to evolving consumer lifestyles, Vida is a business we greatly admire, and we look forward to learning from its success while supporting its next phase of growth. In terms of timing, having signed the share purchase agreement during August 2026, the transaction is subject to the fulfilment of conditions precedent including regulatory approval. As such we expect the effective date during our 2027 financial year.
Outside South Africa, Supermarkets Non-RSA delivered 11.0% sales growth, with constant currency sales growth measuring 7.1%. While conditions remained challenging, the segment delivered an improved profitability performance, benefiting from a substantial reduction in diesel expenditure required to generate electricity in Zambia. We continue to maintain a disciplined approach to capital allocation as well as portfolio focus, with our scope of operations on the continent now numbering seven countries, all situated relatively close to our South African home base.
In closing, it is extremely pleasing that the outcome of our efforts this year has translated into a dividend increase of 11.8% for shareholders, with the same increase being applied to the distribution paid to qualifying staff through the Group’s evergreen Shoprite Employee Trust and in addition, in our African operations. These returns are an important measure of shared value creation sitting alongside the value we deliver every day to customers, which includes R18.3 billion in Xtra Savings Rewards cash back paid at till point this year. These are significant amounts that make daily lives better and reflect the central role our business plays in the communities we serve. As we look ahead, our focus remains on delivering exceptional customer value as the foundation for sustainable returns and shared prosperity for all stakeholders.
