Financial overview

Here is an overview of our financial performance. More detailed information is available in the 5 year summary and the Investor section.

Summary income statement
for the 52 weeks to 20 March 2010		 2009/10
£m		 2008/09
£m		 Change
%
Sales (including VAT)1 21,421 20,383 5.1
Sales (excluding VAT) 19,964 18,911 5.6
Underlying operating profit 671 616 8.9
Underlying net finance costs2 (79) (113) 30.1
Underlying share of post-tax profit/(loss) from joint ventures3 18 16 12.5
Underlying profit before tax 610 519 17.5
Profit on sale of properties 27 57 n/a
Investment property fair value movements 123 (124) n/a
Financing fair value movements (15) (10) (50.0)
IAS 19 pension financing (charge)/credit (24) 24 n/a
One-off item: Office of Fair Trading dairy inquiry 12 - n/a
Profit before tax 733 466 57.3
Income tax expense (148) (177) 16.4
Profit for the financial period 585 289 102.4
Underlying basic earnings per share4 23.9p 21.2p 12.7
Basic earnings per share 32.1p 16.6p 93.4
Full year dividend per share 14.2p 13.2p 7.6
  1. Sales (including VAT) were adversely affected by the reduction in the standard rate of VAT from 17.5 per cent to 15 per cent, effective from 1 December 2008 to 31 December 2009.
  2. Net finance costs before financing fair value movements and the IAS 19 pension financing element.
  3. The underlying share of post-tax profits from joint ventures is stated before investment property fair value movements and financing fair value movements.
  4. Restated for the change in definition of underlying profit before tax to exclude the IAS 19 pension financing element.

Annual Report

and financial statements and Illustrated review 2010

Annual report 2010 cover

View report