Financial performance
This section is based on the latest full year results announcement for the 52 weeks to 28 February 2009
Income Statement Summary
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| 52 weeks to £m |
27 February 2010 |
28 February 2009 |
|---|---|---|
| Argos | 4,346.8 | 4,281.9 |
| Homebase | 1,571.9 | 1,513.2 |
| Financial Services | 104.0 | 102.3 |
| Sales | 6,022.7 | 5,897.4 |
| Cost of goods | (3,746.9) | (3,547.4) |
| Gross margin | 2,275.8 | 2,350.0 |
| Operating and distribution costs | (1,986.1) | (2,049.6) |
| Argos | 266.2 | 303.6 |
| Homebase | 41.2 | 14.9 |
| Financial Services | 5.7 | 6.1 |
| Central Activities | (23.4) | (24.2) |
| Benchmark operating profit | 289.7 | 300.4 |
| Net interest income (see below) | 5.2 | 29.7 |
| Share of post-tax results of joint ventures and associates | (2.0) | (2.4) |
| Benchmark PBT | 292.9 | 327.7 |
| Exceptional items included in operating profit | - | (694.0) |
| Costs related to demerger incentive schemes | (7.7) | (8.4) |
| Financing fair value remeasurements | 2.7 | (28.9) |
| Financing impact on retirement benefit balances | (0.7) | 11.2 |
| Discount unwind on non-benchmark items | (6.7) | (1.8) |
| Onerous lease provision releases | 12.5 | - |
| Profit/(loss) before tax | 293.0 | (394.2) |
| Taxation | (83.2) | (18.9) |
| of which: taxation attributable to benchmark PBT | (91.4) | (103.5) |
| Profit/(loss) for the year | 209.8 | (413.1) |
| Basic benchmark EPS | 23.4p | 25.9p |
| Basic EPS | 24.3p | (47.7p) |
| Number of shares for basic EPS | 862.9m | 866.6m |
| Net interest reconciliation: | ||
| Third party net interest income | 4.4 | 18.6 |
| Financing costs charged to Financial Services | 3.5 | 13.6 |
| Discount unwind on benchmark items | (2.7) | (2.5) |
| Net interest income | 5.2 | 29.7 |
| Financing fair value remeasurements | 2.7 | (28.9) |
| Financing impact on retirement benefit balances | (0.7) | 11.2 |
| Discount unwind on non-benchmark items | (6.7) | (1.8) |
| Income statement net financing income | 0.5 | 10.2 |
