Preliminary results for the year ended 30 January 2010
Consolidated income statement
Year ended 30 January 2010
| 2009/10 | 2008/09 | ||||||
|---|---|---|---|---|---|---|---|
| £ millions | Notes | Before exceptional items |
Exceptional items (note 4) |
Total | Before exceptional items |
Exceptional items (note 4) |
Total |
| Sales | 3 | 10,503 | – | 10,503 | 10,026 | – | 10,026 |
| Cost of sales | (6,706) | – | (6,706) | (6,504) | (21) | (6,525) | |
| Gross profit | 3,797 | – | 3,797 | 3,522 | (21) | 3,501 | |
| Selling and distribution expenses | (2,712) | – | (2,712) | (2,624) | (105) | (2,729) | |
| Administrative expenses | (536) | – | (536) | (496) | (124) | (620) | |
| Other income | 31 | 17 | 48 | 22 | 13 | 35 | |
| Share of post-tax results of joint ventures and associates | 26 | – | 26 | 22 | (36) | (14) | |
| Operating profit | 606 | 17 | 623 | 446 | (273) | 173 | |
| Analysed as: | |||||||
| Retail profit | 3 | 664 | 17 | 681 | 503 | (113) | 390 |
| Impairment of goodwill and investment in associate | – | – | – | – | (160) | (160) | |
| Central costs | (41) | – | (41) | (41) | – | (41) | |
| Share of interest and tax of joint ventures and associates | (17) | – | (17) | (16) | – | (16) | |
| Finance costs | (76) | – | (76) | (119) | – | (119) | |
| Finance income | 19 | – | 19 | 36 | – | 36 | |
| Net finance costs | 5 | (57) | – | (57) | (83) | – | (83) |
| Profit before taxation | 549 | 17 | 566 | 363 | (273) | 90 | |
| Income tax expense | 6 | (174) | (7) | (181) | (95) | 7 | (88) |
| Profit from continuing operations | 375 | 10 | 385 | 268 | (266) | 2 | |
| Profit from discontinued operations | – | – | – | 26 | 178 | 204 | |
| Profit for the year | 375 | 10 | 385 | 294 | (88) | 206 | |
| Attributable to: | |||||||
| Equity shareholders of the Company | 388 | 209 | |||||
| Minority interests | (3) | (3) | |||||
| 385 | 206 | ||||||
| Earnings per share | 7 | ||||||
| Continuing operations: | |||||||
| Basic | 16.5p | 0.2p | |||||
| Diluted | 16.4p | 0.2p | |||||
| Adjusted basic | 16.4p | 11.0p | |||||
| Adjusted diluted | 16.3p | 11.0p | |||||
| Total operations: | |||||||
| Basic | 16.5p | 8.9p | |||||
| Diluted | 16.4p | 8.9p |
The proposed final dividend for the year ended 30 January 2010, subject to approval by shareholders at the Annual General Meeting, is 3.575p per share.
