Consolidated income statement
For the 52 weeks ended 28 February 2009
| 52 weeks ended 28 February 2009 | 52 weeks ended 1 March 2008 | ||||||
|---|---|---|---|---|---|---|---|
| Notes |
Before exceptional items £m |
Exceptional items £m |
After exceptional items £m |
Before exceptional items £m |
Exceptional items £m |
After exceptional items £m |
|
| Revenue | 5,6 | 5,897.4 | – | 5,897.4 | 5,984.8 | – | 5,984.8 |
| Cost of sales | (3,873.8) | – | (3,873.8) | (3,881.0) | – | (3,881.0) | |
| Gross profit | 2,023.6 | – | 2,023.6 | 2,103.8 | – | 2,103.8 | |
| Net operating expenses | 7,9 | (1,731.6) | (694.0) | (2,425.6) | (1,717.5) | 0.8 | (1,716.7) |
| Operating profit/(loss) | 5 | 292.0 | (694.0) | (402.0) | 386.3 | 0.8 | 387.1 |
| – Finance income | 63.7 | – | 63.7 | 62.3 | – | 62.3 | |
| – Finance expense | (53.5) | – | (53.5) | (25.0) | – | (25.0) | |
| Net financing income | 10 | 10.2 | – | 10.2 | 37.3 | – | 37.3 |
| Share of post-tax (loss)/profit of joint ventures and associates | 17 | (2.4) | – | (2.4) | 1.6 | – | 1.6 |
| Profit/(loss) before tax | 299.8 | (694.0) | (394.2) | 425.2 | 0.8 | 426.0 | |
| Taxation | 9,11 | (101.2) | 82.3 | (18.9) | (137.1) | 5.7 | (131.4) |
| Profit/(loss) for the year attributable to equity shareholders | 198.6 | (611.7) | (413.1) | 288.1 | 6.5 | 294.6 | |
| Earnings per share | pence | pence | |||||
| – Basic | 13 | (47.7) | 34.0 | ||||
| – Diluted | 13 | (47.7) | 33.6 | ||||
| Non-GAAP measures | Notes |
52 weeks ended 28 February 2009 £m |
52 weeks ended 1 March 2008 £m |
|---|---|---|---|
| Reconciliation of profit before tax (‘PBT’) to benchmark PBT | |||
| (Loss)/profit before tax | (394.2) | 426.0 | |
| Adjusted for: | |||
| Exceptional items | 9 | 694.0 | (0.8) |
| Demerger incentive schemes | 29 | 8.4 | 11.7 |
| Financing fair value remeasurements | 10 | 28.9 | 9.0 |
| Financing impact on retirement benefit balances | 10 | (11.2) | (13.0) |
| Discount unwind on exceptional onerous lease provisions | 1.8 | – | |
| Benchmark PBT | 327.7 | 432.9 | |
| Benchmark earnings per share | pence | pence | |
| – Basic | 13 | 25.9 | 33.9 |
| – Diluted | 13 | 25.6 | 33.6 |
