Group four-year summary
| Income statement |
52-week period to 28 February 2009 £m |
52-week period to 1 March 2008 £m |
52-week pro forma to 3 March 2007 £m |
52-week pro forma to 4 March 2006 £m |
|---|---|---|---|---|
| Argos | 4,281.9 | 4,320.9 | 4,164.0 | 3,858.8 |
| Homebase | 1,513.2 | 1,568.5 | 1,594.2 | 1,559.0 |
| Financial Services | 102.3 | 95.4 | 93.2 | 92.5 |
| Sales | 5,897.4 | 5,984.8 | 5,851.4 | 5,510.3 |
| Argos | 303.6 | 376.2 | 325.0 | 297.0 |
| Homebase | 14.9 | 45.1 | 53.4 | 51.4 |
| Financial Services | 6.1 | 5.5 | 5.0 | 6.1 |
| Central Activities | (24.2) | (28.8) | (24.0) | (22.7) |
| Benchmark operating profit | 300.4 | 398.0 | 359.4 | 331.8 |
| Net financing income | 29.7 | 33.3 | 16.6 | 9.5 |
| Share of post-tax (loss)/profit of joint ventures and associates | (2.4) | 1.6 | 0.7 | (4.2) |
| Benchmark PBT | 327.7 | 432.9 | 376.7 | 337.1 |
| Statistics | ||||
|---|---|---|---|---|
| Argos |
52-week period to 28 February 2009 £m |
52-week period to 1 March 2008 £m |
52-week pro forma to 3 March 2007 £m |
52-week pro forma to 4 March 2006 £m |
| Like-for-like change in sales | (4.8%) | 0.7% | 2.4% | (1.4%) |
| New space contribution to sales change | 3.9% | 3.1% | 5.5% | 7.5% |
| Total sales change | (0.9%) | 3.8% | 7.9% | 6.1% |
| Number of stores at year-end | 730 | 707 | 680 | 655 |
| Of which Argos Extra stocked-in | 314 | 278 | 238 | 189 |
| Homebase | ||||
| Like-for-like change in sales | (10.2%) | (4.1%) | (1.4%) | (3.1%) |
| New space contribution to sales change | 6.7% | 2.5% | 3.6% | 3.1% |
| Total sales change | (3.5%) | (1.6%) | 2.2% | 0.0% |
| Number of stores at year-end | 345 | 331 | 310 | 297 |
| Of which contain a mezzanine floor | 188 | 181 | 165 | 144 |
| Financial Services | ||||
| Store card gross receivables (£m) | 488 | 482 | 448 | 378 |
| Balance sheet |
28 February 2009 £m |
1 March 2008 £m |
3 March 2007 £m |
31 March 2006 £m |
|---|---|---|---|---|
| Invested capital | 2,487.7 | 3,139.5 | 3,011.8 | 3,107.2 |
| Retirement benefit (obligations)/assets | (46.4) | 83.7 | 9.3 | 25.5 |
| Net tax assets/(liabilities) | 32.7 | (52.0) | (2.6) | (4.8) |
| Financing net cash/ (pro forma net debt) |
284.4 | 174.0 | 60.2 | (200.0) |
| Pro forma net assets | 2,758.4 | 3,345.2 | 3,078.7 | 2,927.9 |
| Net GUS group balances | – | – | – | 22.0 |
| Reported net assets | 2,758.4 | 3,345.2 | 3,078.7 | 2,949.9 |
| Benchmark pre-tax return on invested capital |
52-week period to 28 February 2009 £m |
52-week period to 1 March 2008 £m |
52-week pro forma to 3 March 2007 £m |
52-week pro forma to 4 March 2006 £m |
|---|---|---|---|---|
| Benchmark operating profit | 300.4 | 398.0 | 359.4 | 331.8 |
| Share of post-tax (loss)/profit of joint ventures and associates | (2.4) | 1.6 | 0.7 | (4.2) |
| Benchmark pre-tax return | 298.0 | 399.6 | 360.1 | 327.6 |
| Benchmark pre-tax return on invested capital | 12.0% | 12.7% | 12.0% | 10.5% |
| Earnings and dividends |
52-week period to 28 February 2009 |
52-week period to 1 March 2008 |
52-week pro forma to 3 March 2007 |
52-week pro forma to 4 March 2006 |
|---|---|---|---|---|
| Basic benchmark EPS | 25.9p | 33.9p | 29.3p | 25.6p |
| Dividends per share (interim paid and final proposed) | 14.7p | 14.7p | 13.0p | n/a |
| Dividend cover | 1.76x | 2.31x | 2.25x | n/a |
The change in both the year-end and the Group’s capital structure on demerger in 2006 resulted in statutory reported results that are non-comparable. To assist with analysis and comparison, certain pro forma information has therefore been provided in respect of the comparative periods to eliminate the distortions of these two impacts on the performance of the Group.
