Preliminary results for the year ended 29 January 2011

 

24 March 2011

 

Detailed 'Delivering Value Phase 1' Update

Progress to Date (Feb 2008 to Jan 2011) and Milestones for 2011/12

4. Rolling out in Eastern Europe

Progress to date

59% space added, profit up 43% in constant currencies since 2007/08.

  • Opened 41 net new stores, 17 in Poland, 15 in Turkey and 9 in Russia with total sales up 52%(1) to £1.6 billion (including 100% of the sales of the Koçtaş JV)
  • Opened new central distribution facilities in Poland and Turkey to unlock future direct sourcing and distribution benefits

2011/12 milestones

  • Open a further 16 new stores, 6 in Poland, 6 in Turkey and 4 in Russia, adding around 17% new space
  • Direct sourcing shipments in Poland and Turkey to increase by over 50%
  • Open smaller 'city store' format in Moscow (housing 90% of current product ranges in 65% of the space)
  1. In constant currencies